In the last of a five-part series of articles for PP, pensions minister Guy Opperman explains how pension dashboards will help consolidate pensions.
The Pensions Dashboards Programme (PDP) has published its second progress update report – setting out a timeline for the development of the project.
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
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.
Pension providers must now be proactive and prepare their data in order to be ready for the pensions dashboard, Guy Opperman has warned.