The government’s focus on pensions dashboards and pension transfer times will require the industry to improve its data accuracy and administrative efficiency, says Anthony Rafferty.
The publication of DC to DC transfer time performance data sets a benchmark for trust-based schemes. Jonathan Stapleton reports.
The industry has welcomed the Department for Work and Pensions' (DWP) feasibility report into the pensions dashboard as a move towards improving member outcomes.
Senior decision makers from more than 20 major pension providers and administrators have come together to discuss how the pensions dashboard could be made a reality.
The government's announcement that it will support the industry in delivering the pensions dashboard has been met with mixed reaction, after months of uncertainty about the project's future.
Anthony Rafferty says that arguments against the dashboard, based on legacy data issues, ignore the power and good it can do for the younger generations
DWP paper expected soon
Any pension dashboard will need to be able to cope with as many as 15 million people from day one, according to analysis by Origo.
Aviva has introduced Origo's bulk transfer service in a bid to speed up processes and further improve data security for schemes.