Government prepares to force providers to join pensions dashboard

Unveiling the prototype dashboard at the Pensions Dashboard Sprint industry event on 12 April, the economic secretary warned providers he was in discussions with pension minister Richard Harrington to make sure minimum data standards were being met.

The initial data standards for the pensions dashboard are expected to be published on the Treasury website later on Wednesday.

Kirby said: “I am clear that dashboards will only be viable and useful if a critical number of pension schemes step up to meet the data standards, and people have a right to easily see their own data when making vital financial decisions.

“So I am discussing with the minister for pensions to see how this might be made compulsory if schemes do not do so by choice.”

The Treasury has previously said it was keen to give providers the chance to sign up voluntarily before implementing any new legislation.

Industry voices have long warned legislation would be required to force reluctant providers to contribute the necessary data to the dashboard.

Earlier this year, Pensions Administration Standards Association chair and member of the pensions dashboard steering group, Maragaret Snowdon, said defined benefit schemes could prove to be particularly difficult as she called for a compulsory involvement in the dashboard project.

The dashboard

The full dashboard is due to be launched to the public before 2019 – a deadline set by ex-Chancellor George Osborne. The dashboard will allow consumers to have all their pension data in one place, making it easier for them to manage their savings.

The pensions dashboard will not store people’s data, but provide a framework for individual dashboards to fetch and deliver back information from various pension providers and schemes for each user.

Potential dashboard hosts are expected to range from fintech firms to pension providers and banks.