The Pensions Minister, Guy Opperman, has confirmed that pension providers will be obligated to provide data for the upcoming pensions dashboard in a parliamentary debate held on 6 February.
However, Opperman admitted that the government was unsure of the timeline for all schemes to make their data available.
He stated that further details on the government’s expectations will be revealed in the Department for Work and Pension’s response to its dashboard feasibility study, which is expected to be published in mid-March.
In the debate, Opperman said: “There can be no doubt, however, that compulsion is coming, and that the only issue is the timeline. Certain providers could provide the data quite quickly.
“By and large, they know who they are, because they are the modern master trust providers that are already up to speed. Others will take longer.
“There is a legitimate debate to be had in this House, as we introduce the Bill, about whether we put in place a specific time limit for data provision, or whether that is done in secondary legislation, and with merely indicative outlines.”
The first dashboard service is expected to be launched this year and accommodated by the Single Financial Guidance Body.
Last month (January), most pension industry members responded positively to the government’s dashboard consultation, with Smart Pension head of policy, Darren Philp agreed, saying: “The dashboard has the potential to reconnect people with their pensions.
“By providing a one-stop shop for viewing pensions, dashboards can help people plan for their retirement, leading to better decision-making and outcomes.”
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