The Pensions and Lifetime Savings Association (PLSA) has commented on the announcement by Guy Opperman MP, Parliamentary Under-Secretary of State for Pensions and Financial Inclusion, that the Department for Work and Pensions (DWP) will take forward the Pensions Dashboard project on behalf of the Government.
The Minister made the announcement in a speech today (Thursday) at the PLSA Annual Conference and Exhibition 2017 in Manchester .
Graham Vidler, Director of External Affairs, Pensions and Lifetime Savings Association, commented:
“Today’s announcement that DWP will take forward the Pensions Dashboard project has the potential to reconnect millions of people with their hard-earned pension savings.
"The Minister’s support of the Pensions Dashboard is great news for savers – who will be placed at the heart of the project. The dashboard could have a revolutionary effect on the way people engage with pensions, but it needs regulation and strong governance underpinning it. This is a job for government and we are pleased DWP has been tasked with leading the project.
“PSLA research for our Hitting the Target consultation found that four out of five people (80%) felt a national retirement income target would help them plan for retirement. We believe the combination of a nationally recognised target and digital infrastructure that allows consumers to compare their savings to that target would be a powerful tool for raising the level of retirement income.
“We look forward to working closely with the DWP and other stakeholders on this exciting initiative – bringing pensions into the digital age.”
The PLSA published Hitting the Target – Delivering Better Retirement Outcomes on 11 October 2017.
The PLSA Annual Conference and Exhibition 2017 is taking place in Manchester 18-20 October 2017.
More information on the Pension Dashboard available here.
NOTES TO EDITORS:
Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: firstname.lastname@example.org
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: email@example.com
Eleanor Carric, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1718, M: 07825 171 446, E: firstname.lastname@example.org
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.