DWP Pensions Dashboards Feasibility Study - Which response

Summary:

• Which? strongly supports the government’s commitment to facilitate industry to lead the creation of pensions dashboards. We broadly agree with the government’s aims, objectives and design principles, and its commitment to take steps to provide StatePension data via dashboards.
• We particularly welcome that the government is prepared to legislate to compel pension schemes to provide their data to pensions dashboards. Large pension schemes, which have the vast majority of memberships, should be required to provide their data in time for the launch of the first dashboard. The government’s proposed timetable of three to four years is reasonable if this endpoint applies to the remaining pension schemes.
• Dashboards should at a minimum initially include comprehensive data – including current values, retirement income projections and charges – from all large pension schemes, as well as the government's existing Check Your State Pension service, and a register of membership of all other pension schemes but not necessarily data on an individual’s pension savings. 
• We agree that the Single Financial Guidance Body’s dashboard should be launched first. While we support commercial dashboard providers in principle, there needs to be a robust regulatory framework in place first. We also support a single pension finder service as this will provide consistent information to all dashboards. 
• We broadly agree with the government’s proposals for dashboard operators to gain the consent of users. However, we do not agree that existing regulation is sufficient to cover what will be shown on pensions dashboards, or to guard against risks arising from commercial providers of dashboards.
• We welcome the government’s decision to ask the Single Financial Guidance Body to appoint an independent chair to lead an industry steering group to oversee the dashboard’s launch and future development. It is particularly important for the group to have a balance of consumer and industry representatives. Which? would be delighted to be part of this group, to help represent UK consumers. However, the government should clarify who the chair of the steering group will be accountable to.