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Responding to the ABI’s Pensions Dashboard Roadmap, Darren Philp, director of policy at The People’s Pension commented:
“The Pensions Dashboard is there to answer the question: what have I got and where is it? Focus on the consumer, strong regulation, and good coverage and the project will be a success. Keep it simple and deliver the services that consumers need and want.
“The conclusion of this phase of the project marks an important milestone in the overall development of the Pensions Dashboard. We are calling on the Government to make a firm commitment to back the Dashboard and legislate to ensure it has full adoption and is actually useful to savers.”
Further commenting on the need to put consumers first, Philp added:
“Consumer protection has to be at the forefront of this initiative and consumers expect, and indeed are entitled, to know that the Dashboard framework will be well-regulated. From our perspective we’d start with a ‘public good’ Dashboard, free from commercial conflict and other competing interests, and then develop Dashboard services from there as the demand arises.
“The consumer research on this was clear, that customers first and foremost want a trusted Dashboard administered by an organisation in close collaboration with the Government. We think the new single financial guidance body would be ideally suited to deliver this.”
Notes to editor:
About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with over 3 million members and over 70,000 employers signed up. Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector. We tweet as @peoplespension.