The UK Government has given the green light to the introduction of pensions dashboards that will provide a single place for workers to check their future entitlement to retirement income using a smartphone or tablet.
The state pension will be included in the new dashboard service, and policymakers envisage that all of the country’s 40,000 occupational schemes will eventually participate. Pensions Minister Guy Opperman told The Times that the idea could “revolutionise” how Britons prepare for later life.
The aim, he said, was to “build a greater sense of individual control and ownership of pensions, increase engagement, and reconnect individuals with lost pension pots, benefiting the individual and industry”.
The Government has indicated that the first dashboard will be made available next year, with most pension schemes expected to take part within three to four years.
Opperman also told People Management that a new Single Financial Guidance Body (SFGB) would convene and oversee an industry delivery group to ensure a successful implementation. He added that an independent chair would likely be appointed and the SFGB would aim to launch services to the public from January 2019.
The Department for Work and Pensions has published a feasibility study that will form the starting point for a consultation on details, such as delivery models. The dashboard is likely to take several years to complete.
Meanwhile, the UK Pensions Regulator (TPR) has asked the Government for additional powers to screen the phone records and emails of suspected scammers in a bid to gain powers similar to those of the police.
Such a move would require an amendment to the Investigatory Powers Act, enabling it to oblige phone providers to disclose the billing data of individuals or organisations that are suspected of being involved in criminal activity. TPR would also be able to apply to internet service providers to obtain the details of emails that were sent between suspects.
The watchdog is hoping that Parliament will grant the powers in February 2019, according to the Financial Times.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
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The UK Government has given the green light to the introduction of pensions dashboards that will provide a single place for workers to check their future entitlement to retirement income using a smartphone or tablet.
The state pension will be included in the new dashboard service, and policymakers envisage that all of the country’s 40,000 occupational schemes will eventually participate. Pensions Minister Guy Opperman told The Times that the idea could “revolutionise” how Britons prepare for later life.
The aim, he said, was to “build a greater sense of individual control and ownership of pensions, increase engagement, and reconnect individuals with lost pension pots, benefiting the individual and industry”.
The Government has indicated that the first dashboard will be made available next year, with most pension schemes expected to take part within three to four years.
Opperman also told People Management that a new Single Financial Guidance Body (SFGB) would convene and oversee an industry delivery group to ensure a successful implementation. He added that an independent chair would likely be appointed and the SFGB would aim to launch services to the public from January 2019.
The Department for Work and Pensions has published a feasibility study that will form the starting point for a consultation on details, such as delivery models. The dashboard is likely to take several years to complete.
Meanwhile, the UK Pensions Regulator (TPR) has asked the Government for additional powers to screen the phone records and emails of suspected scammers in a bid to gain powers similar to those of the police.
Such a move would require an amendment to the Investigatory Powers Act, enabling it to oblige phone providers to disclose the billing data of individuals or organisations that are suspected of being involved in criminal activity. TPR would also be able to apply to internet service providers to obtain the details of emails that were sent between suspects.
The watchdog is hoping that Parliament will grant the powers in February 2019, according to the Financial Times.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
OTHER STORIES THAT MAY INTEREST YOU
Pensions tax relief (allowances) 2019.20
The value of sound pensions governance
Nest trials new UK pensions savings model
