Association of British Insurers has today published a list of demands for the Pensions Dashboard
Government faces calls to force all pension schemes – including those in the public sector - to make data available for the Dashboard
ABI also urges Government to create a centralised Dashboard alongside third-party offerings
Pensions Dashboard unlikely to be comprehensive in coverage by 2019 deadline
Tom Selby, senior analyst at AJ Bell, comments:
“Theresa May’s weakened position and a Government fixated on Brexit risk forcing the Pensions Dashboard project off the political agenda. The ABI is clearly concerned about a lack of will from Whitehall and today’s announcement looks like an attempt to kick policymakers into action.
“On a practical level the proposed 2019 implementation deadline might be a stretch, particular given the Government’s lack of involvement in recent months. Legislation will inevitably be needed to ensure maximum coverage, particularly from closed-book providers who hold information on outdated systems that would likely require expensive upgrades.
“There also remains significant doubt as to whether millions of public sector workers will be able to view their pensions through the Dashboard. Public sector schemes were given a carve-out from the pension freedoms and, given the pressures on resources at the moment, the Government may be tempted to exclude them again.
“What the industry really needs from the Government is clarity on its commitment to the Dashboard project, and the extent to which it will commit time and money to making it a reality.”