The UK government has given the green light to pension dashboards, the secretary of state of work and pensions confirmed on 4 April, in a move that seems to have generated little public support.
Publishing an open letter in UK newspaper The Express; Amber Rudd and Guy Opperman, minister for pensions and financial inclusion, said the “free, user-friendly technology will show people, for the first time, facts and figures about their retirements savings in one place online”.
They confirmed that state pension information will be available.
“This is a seismic shift,” they wrote. “For too long, pensions have been an after-thought – something we only start worrying about when it’s too late to adjust what we’re saving to ensure financial security in later life.”
Response to the news
But the public response, so far, has not been hugely positive – at least online.
Among the (expected) disgruntled comments from Express readers about government efficiency in light of Brexit, those responding to the article were not impressed.
One suggested it was a way to further means test the state pension. Another said the dashboard would prove as unsuccessful as other government attempts to roll out technology/apps.
Similarly, social media responses on Twitter poured scorn on the development, which was viewed by many as a further attempt by the government to reduce its state pension obligation.
Industry impact
The plan is for the dashboards to be up and running “as soon as possible”, with Rudd and Opperman expecting the pensions industry to “bring forward the first models this year”.
They wrote: “Ultimately, all pension providers will be required by law to make your pensions information available to you on dashboards if you request it and levies will cover part of the cost.”
Additionally, a pension finder service will be made available to help those trace lost pensions pots via the dashboard.
