Government focus on the central Pensions Dashboard must not be at the expense of commercial dashboards, which are crucial to ensuring good outcomes for consumers, says Samantha Seaton, CEO and founder of Moneyhub.
This week’s ministerial statement reiterating its support for multiple pensions dashboards is great news and we’re pleased to hear confirmation that the Pensions Dashboards Programme (PDP) is making good progress and that there is increased confidence that the programme will be delivered against its plan commencing in April 2025.
However, with evidence from Norway showing that 95% of pension access requests are through a commercial dashboard, as opposed to a government dashboard, it’s very clear that commercial pensions dashboards are an important part of the puzzle, and cannot be left to play second fiddle.
The aim of pensions dashboards is to help everyone engage with their retirement savings and achieve a healthier financial future. The MoneyHelper dashboard only helps people find and view their pensions, and the majority of people will still be none the wiser about what to do next. Government should embrace the fact that pension providers are already working so hard to do more for their customers to ensure they can engage with their pensions and plan for a retirement that they can enjoy.
We are facing a significant pension challenge with the majority not saving enough for later life.“Government needs industry. Relying on the State Benefit of circa £11k per annum is not enough to even meet the minimum level of PLSA defined retirement standards which sit at £14,400 per annum. A moderate lifestyle sits at almost three times the State Benefit. It’s not in the Government’s interest to put barriers in the way of industry as they are vital to help solve the pension crisis.
