The pensions dashboard is one of the most ambitious engagement projects that the pensions industry has undertaken. Following a recommendation from the Financial Advice Market Review in March 2016 , the creation of a pensions dashboard became government policy in the Spring Budget of that year. In September 2016 HMT challenged industry to create a prototype dashboard by Spring 2017 and implement the policy by 2019. A cross industry group was set up to build a prototype dashboard. The project was given a broad aim outlined below.
“The purpose of the pension dashboard is to enable consumers to gain a holistic view of all their pension pots. This will help ensure that consumers don’t lose touch with their pensions, can get a sense of their overall preparations for retirement, and empower them to make decisions.”
The prototype project was not an attempt to build a functioning tool, but to prove the concept that data could be shared in a safe way across schemes. The prototype itself was completed in March 2017 and is currently being demonstrated to industry in preparation for the next phase.
The PLSA has been engaging with the project at all levels to ensure that members views are represented. We sit on the project group and two PLSA members are represented on the HMT led steering group. We have also held a Hot Topic Seminar on the Dashboard in March 2017. We will be continuing to engage with the project when the next phase is announced and look forward to working with the project to help that savers can access their data easily.