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Pension Dashboard petition passes 126,000 signatures

8 August 2018

The petition launched by 38 Degrees in response to media reports that the Pensions Dashboard might not go ahead has passed 126,000 signatures – and continues to grow.

This shows the depth of feeling and the support that the initiative has in the country, said Anthony Rafferty, managing director of Origo (pictured).

“The benefits of the Pensions Dashboard are easily seen and have clearly struck a chord with people,” Rafferty said.

The petition urges Secretary of State Esther McVey not to scrap the dashboard, following suggestions in an article in The Times that she was intending to withdraw government’s involvement in the project.

The Department for Work and Pensions is currently conducting a Feasibility Study into the viability of the dashboard, looking at areas such as cost, compulsory participation by pension providers, whether there should be a single or multiple dashboard interfaces and who should be responsible for the project going forward. The results of the Study were due to be published in the Spring but are still ongoing.

Rafferty commented: “We at Origo have been passionate supporters of the Pensions Dashboard since the initiative was launched, believing it is essential to help individuals engage with their retirement planning, particularly in the new pensions environment which was ushered in with the pensions freedoms.”

In addition, he said, the introduction of auto enrolment means there is an even greater need for a way for people to keep track of all their pensions in one place.

“As the industry’s FinTech, we have been both committed to and heavily involved in working on the technology to make the Dashboard a reality. We recently tested the technology we have developed to 15 million users. That is ready to be implemented to one or more consumer-facing dashboards and to provide delegated authority so individuals can consent to allow their financial planner access to their information.

Shaun Gomm, commercial director at UX design agency Sigma, which developed a front-end application, the screen consumers would see, as part of the Dashboard prototype project, said the pension system in the UK remains one of the most complex to navigate in the world. “Despite paying into our retirement fund for decades, millions of us have no idea how to track or properly manage our pensions; and we’re potentially losing out on thousands in misplaced pension pots. It is therefore vital that the promised pensions dashboard – a project born out of the need to simplify this process – is pushed forward.

“Outside of the UK, dashboard initiatives are already having a positive impact. In Sweden, for example, we worked with the government and providers to deliver a single citizen-centric pensions portal; reducing the need to contact individual providers and making it much easier for people to plan and take action around their retirement.”

Rafferty added: “We believe the Pension Dashboard is a superb opportunity for Government and the industry to provide a simple way for UK pension holders in the country to track their pensions, understand their value and what that means for their future and where appropriate, to act on their data in their best interests.

“The DWP Feasibility Study into the Pension Dashboard is expected to be published later this year which we hope will reflect the strong support the initiative has both within and the industry and with consumers.”

See also: The pensions industry should run pensions dashboard

 

 

 

 

 

 

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