Stephanie Baxter says there needs to be a balance between rolling out the pensions dashboard as soon as possible and getting it right
The pensions dashboard has massive potential to revolutionise retirement planning by enabling people to see all their pots in one place.
A lot of work has been going on behind the scenes, and progress is being made. Origo has now successfully tested the technology to accommodate an anticipated 15 million users.
However, there are concerns the dashboard project is falling behind schedule, with many questions still unanswered. For example, will there be one single dashboard or multiple versions? And what will the standards and rules look like?
The Department for Work and Pensions' (DWP) long-awaited feasibility study will bring much-needed clarity. But it is already behind schedule, and the latest line from the DWP is it will come out in "due course". Brexit, which is taking up vast government resources, is certainly not helping and, although the study is expected to be published in the coming weeks, this will still leave little time between now and next year's planned launch.
It will almost certainly not be ready by the original deadline of April 2019, although a couple of people close to the project have told PP that the end of 2019 is achievable.
There has to be a balance between getting it out as soon as possible and getting it right. The main concern is not having legislation in place before the launch to compel all providers to feed into the dashboard. Without full coverage, there is a risk that consumers get a bad experience if they can't see all of their pension pots when logging in. Unfortunately, there has been limited availability in the parliamentary calendar to discuss legislative matters apart from Brexit.
There is now an increasing argument to delay the dashboard's launch to get it right the first time around. If that ends up being the case, it should not be delayed too much. The benefits of the dashboard will be enormous given the average person builds up 11 pots over their lifetime. Savers are crying out for the dashboard, and so we must keep the momentum.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
The Pensions Regulator (TPR) has substantially increased the usage of its powers against trustees – posting a sharp rise in the use of formal information gathering powers and High Court production orders during the three months to the end of September....
The Pension Schemes Bill has completed its third reading, crossing its latest hurdle in the House of Commons.
An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.
Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.