Source · Select Committees · Work and Pensions Committee
Recommendation 28
28
Pensions dashboards will change how people engage with their pension savings.
Recommendation
Pensions dashboards will change how people engage with their pension savings. Dashboards will also provide an important additional tool which can be used by those providing guidance or advice to savers. We recommend that the Money and Pensions Service should develop a guidance service—possibly a future iteration of Pension Wise or the midlife MOT—which supports savers by using the data available through their pensions dashboards. It is important that these services are considered now, before dashboards are launched. (Paragraph 112) Protecting pension savers—five years on from the Pension Freedomss Accessing pension savings 65 Supporting decision-making before accessing pension savings
Government Response
Not Addressed
HM Government
Not Addressed
Individuals wishing to use dashboards will be able to delegate access to MaPS guiders or 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). The MaPS dashboard will also be integrated into the MaPS retirement planning hub all of which will better enable MaPS to tailor guidance interventions according to individual needs and will help savers to see in one place what they have and help facilitate a Pension Wise appointment.