Source · Select Committees · Work and Pensions Committee
Recommendation 25
25
Paragraph: 109
Pensions dashboards will let people see all of their pensions on a digital platform.
Conclusion
Pensions dashboards will let people see all of their pensions on a digital platform. This has the potential to be the most influential policy in helping people take good decisions when they first access their pension pots. To be successful, pension dashboards will need correct and up to date data from every pension scheme. This is a huge undertaking. It is vital that the pension dashboards programme continues to be properly resourced to get the implementation of dashboards right. Too often pension policies have been undermined by bad data.
Paragraph Reference:
109
Government Response
Not Addressed
HM Government
Not Addressed
The government agrees with the Committee that pensions dashboards offer a significant opportunity to transform how savers interact with their pensions. Pensions Dashboards will provide consumers with online access to their pension savings information on request, and with their permission, provide delegated access to Money and Pensions Service guiders and FCA authorised financial advisers who have the relevant permissions under the Financial Services and Markets Act 2000 to advise on investments or conversion or transfer of pension benefits (under the Financial Service and Markets Act 2000 (Regulated Activities) Order 2001). This will enable people to identify lost pots and support better engagement with pensions. The government also agrees about the importance of getting good data from pension schemes and is working closely with the regulators, pension providers and administrators on this issue as part of its work to develop pensions dashboards.