The Pensions Dashboard is a new Government initiative which will now move forward, it has been confirmed.
The dashboard will be introduced with a view to allow individuals to save for retirement and to view information from multiple pensions on one centralised interface. The dashboard is meant to ‘provide an easy to access online view of a saver’s pension’, and to include the state pension.
The Department for Work and Pensions (DWP) will bring forward legislation for pension scheme providers to ensure consumer data is available to them through the dashboard.
Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said:
‘The government’s commitment to compel pension schemes to share data with platforms through primary legislation is particularly welcome. Some urgency is now required, and we question the three to four-year timeframe for schemes to prepare data for dashboards.’