LV=, the UK’s most trusted and recommended insurer1, has signed up to the Treasury’s Cross-Industry Project Group to build a Pensions Dashboard Prototype by March 2017 (Monday 12 September 2016).
The Pensions Dashboard, which was announced at Budget 2016, is a platform that lets savers see all their pension pots in one place and will help people to plan more effectively for their retirement. The Dashboard is the latest step in the government’s wider strategy to help people to engage with their pensions earlier rather than nearing the point of retirement.
The Cross-Industry Project Group will report regularly to HM Treasury, who will oversee the project following the commitment in the Budget to launch a Pensions Dashboard by 2019. The Group will work together with the wider industry, Government, regulators and trade bodies in developing the prototype.
John Perks, Managing Director, LV= Retirement Solutions said: “Committing to the delivery of a prototype pensions dashboard by March 2017 is certainly a step in the right direction and we’re delighted to be part of the Cross-Industry Project Group. It’s vital that Government and industry work together to ensure consumers are able to benefit from better information that puts them in control of their pension savings. However the dashboard will include data that the industry is already capable of sending securely to advisers today, so a 2019 launch seems far too generous for the industry and Government to work towards. It’s fundamental consumers get access to this information sooner rather than later helping to improve people’s understanding of their financial situation so they can make better decisions. We’re hoping that with the prototype developed by Spring, the industry will be able to make a concerted effort to deliver the full dashboard before the 2019 deadline.”