Response to the DWP consultation on the Pensions Dashboard

This consultation marks the beginning of the next phase of the pensions dashboard

Darren Philp, Director of Policy and Communications at Smart Pension, said:

“This response from the Government marks the beginning of the next phase of the pensions dashboard. But let’s not dwell for too long, because we now need to get our collective heads down and crack on if we’re to develop something that really delivers for pension savers."

“While the original ambition for delivery of a dashboard this year is not going to happen, strong progress can still be made and we need to build momentum with the Single Financial Guidance Body overseeing development and implementation. As always there is a balance to be struck between innovation and consumer protection, but we think the proposal to permit multiple dashboards is a positive step and dovetails nicely with the modern way in which people manage their finances."

“We think most modern DC schemes should be able to hook up to a dashboard quite quickly once the data standards and architecture is agreed. For others it will take more time and legislation, but we think a great first step would be for a pension finder service to cover all schemes.”

About Smart Pension

Launched in 2015, Smart Pension exceeds £5bn in assets under management (AUM) and now serves over one million members and more than 70,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.

Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers are all investors in Smart Pension.