Esther McVey has reiterated the government’s support for an industry-led pensions dashboard as she praised the success of auto-enrolment (AE).
The secretary of state for work and pensions promised savers in the “private pensions revolution” that the dashboard would enable them to access their pension information, building on the existing online state pension tool.
It followed a statement, made early last month, where McVey (pictured) said there was “broad support” for the dashboard and that the industry could take a “leading role” in its development, and that “government will help facilitate this”.
The comments ended a summer of speculation that she would drop the government’s support for the project, but some were still cautious that, without government action in some areas, the final dashboard could be “half-baked”.
Now, speaking at the Conservative party conference in Birmingham on 1 October, McVey reconfirmed the government’s commitment to the project.
“We are delivering a private pensions revolution,” she said. “More people than ever are saving into a workplace pension, up nearly 50% in the last six years and significantly driven by younger people.
“Through AE we have helped create almost 10 million new pension savers and we will be giving people the opportunity to access their pension information through an industry-led pension dashboard, building on the government’s Check Your State Pension online service.”
The Department for Work and Pensions (DWP) is still yet to publish its feasibility study on the dashboard, which has now been delayed for over six months and is set to answer key questions around whether there should be compulsion and multiple or single dashboards.
McVey’s latest comments were welcomed by some in the industry, including Association of British Insurers director-general Huw Evans.
Good to see @EstherMcVey1 recommit to #pensionsdashboard and inclusion of state pension data. @BritishInsurers focused on getting this delivered for customers.
— Huw Evans (@huwevans71) October 1, 2018
Hargreaves Lansdown head of retirement policy Tom McPhail set out three criteria for a successful dashboard.
Good to hear Esther McVey reiterating government support for the Pensions Dashboard.
Hargreaves Lansdown believes it must fulfill 3 criteria for success:
1. Universal coverage, no exceptions (even if not all on day 1)
2. State pension data
3. Multiple access points— Tom McPhail (@PensionsMonkey) 1 October 2018
The dashboard is pencilled in to launch by next April, but there are fears that it will fall behind schedule or launch with an inadequate amount of information.