Getting data ready and providing estimated retirement incomes may be difficult, but the industry must do its best to make dashboards a reality, says Nigel Peaple
It’s not all gloom and doom say Buzz respondents…
Pensions and financial inclusion minister Guy Opperman has warned schemes who do not have their data organised to the standard required for the pensions dashboard will face “draconian penalties.”
No long-term decision has yet been made on who will run the pensions dashboard once it has been built, according to Pensions Dashboard Industry Delivery group principal Chris Curry.
The Work and Pensions Committee is due to question the senior leadership of the Money and Pensions Service (Maps) on the progress made in developing the pensions dashboard.
Which? has called for urgent introduction of a comprehensive pensions dashboard after an investigation revealed how the current system leaves workers struggling to track down their retirement pots.
This week's 104 Pensions Buzz respondents agreed that the regulations surrounding chair's statements are too harsh.
Pension providers must now be proactive and prepare their data in order to be ready for the pensions dashboard, Guy Opperman has warned.
The industry is urging the government to prioritise combatting pension scams in 2020, according to research by the Society of Pension Professionals (SPP).
LCP’s Ella Purkiss was the winner of the PMI's second student essay competition. In her paper, she sets out her ideas as to what the industry can learn from other sectors when designing and delivering the pensions dashboard.
This week's 88 Pensions Buzz respondents agreed that defined contribution (DC) master trusts have set a good example for other types of DC schemes during the authorisation process.
The quality and availability of data is the “weakest link” for the pensions dashboard, according to the Society of Pension Professionals (SPP).
The industry has had little success engaging members with pensions over the past 20 years. Jonathan Stapleton says two initiatives currently underway may change this in the future.
The Department for Work and Pensions (DWP) has proposed increasing the general levy on occupational and personal pension schemes from 1 April 2020.
The industry needs to spend a significant amount of money on data and administration to make the dashboard worthwhile, according to pension professionals.
Schemes with poor record keeping should be handed harsher punishments, say the majority of this week’s 83 Pensions Buzz respondents.
The Association of Consulting Actuaries (ACA) has called for five key policy measures to be included in the upcoming pensions bill.
Boris Johnson's government will deliver its first Queen's Speech on 14 October, the prime minister has announced.
Legal and General (L&G) Retail Retirement has purchased a 100% stake in MyFutureNow - which specialises in pension pot tracing and consolidation - for an undisclosed price.
With record numbers saving for retirement, Guy Opperman says we have an opportunity to make it easier for people to engage with their pensions
This week's Pensions Buzz respondents agreed the Pension Protection Fund (PPF) is sometimes right to vote against company voluntary agreement (CVA) proposals.
The Money and Pensions Service (MAPS) has appointed Chris Curry as principal of the Pensions Dashboard Industry Delivery Group.
The Pensions Regulator (TPR) is focusing on reducing the number of "poorly-run" schemes as it seeks to improve standards across the board.
Bigger is not always better when it comes to pension consulting, last week's Pensions Buzz respondents said following Marsh & McLennan's $5.6bn acquisition of JLT.