Burghart says new online platform will transform pensions industry for savers
October 21, 2022
Minister for pensions and growth Alex Burghart predicts the government’s proposed online pensions dashboard will be a game-changer for savers.
The Department for Work and Pensions (DWP) is working on the new facility, which will enable millions of UK residents to access all of their pensions information in one single place.
They hope it will transform how people access their pensions facts and figures, giving them a real-time view of all their pension pots – including their state pension – at the “touch of a button”.
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Conservative MP for Brentwood & Ongar Burghart, who has only just been appointed to his new ministerial position, is sure it will help uncomplicate an often convoluted picture.
He said: “We want people across the UK to have the support and information they need to make informed choices about their financial futures.
“Providing a convenient place for savers to access their pension information at the touch of a button will help people become better informed and more engaged savers.
“And that will support them to plan more effectively for retirement.”
On Monday the DWP presented its dashboard plans to parliament and explained the regulations outlining how pension schemes will connect to the dashboard ecosystem and what providers must do to become a qualified pensions dashboard service.
The regulations will apply to all registrable UK-based occupational pension schemes – other than stakeholder schemes – including public service schemes in relation to active and deferred members.
For schemes with less than 100 such members, they will only apply where they are permitted to connect on a voluntary basis. There are also easements for schemes in Pension Protection Fund (PPF) assessment or those that are winding up.
Pensions Dashboards Programme principal Chris Curry believes the new technology will help pension providers engage more effectively with their members and customers.
He added: “There are now just over six months until the first window opens for pension providers and schemes to begin mandatory connection to the dashboards ecosystem.
“Dashboards will soon become a reality, and the government, regulators and the industry will work together to make them a success.”
Last Updated: 21 October 2022