Government commitment to pension finder service but warns private sector dashboards must operate under legal duty to users.
The People’s Pension welcomes Government commitment to pension finder service but warns private sector dashboards must operate under legal duty to users.
Commenting on the government response to the pensions dashboard consultation, Gregg McClymont, director of policy at The People’s Pension, said:
“We welcome the government’s commitment to a single pension finder service that’s free from commercial interest, and support the decision to ensure the information presented and displayed by the public dashboard will be mirrored on any commercial dashboards in the initial phase. This will help savers answer the question our members often ask; ‘what savings have I got and where are they?’.
“A legal duty on all private sector dashboard operators to act in the best interests of savers will be necessary if and when a future government allows commercial dashboards to diverge significantly from the public dashboard model. This is key for consumer protection.
“When four in ten people are unaware that their pension provider may charge them for managing their pension, we urge the government to include pension charges from the outset. It will only be successful if a saver can see their full pensions picture – all pensions and what charges they pay – in one place.”
Notes to editors:
The People’s Pension is one of the largest master trusts (multi-employer pension scheme) in the UK, with more than 4 million members, 80,000 employers and £6bn assets under management (accurate at 4 April 2019). We tweet as @peoplespension.
Read our report ‘Delivering pensions dashboards in the public interest’ written by consumer champion Dominic Lindley.