Government must act on pensions dashboard says PIMFA

Wealth management and financial advice association PIMFA has hit out at the Government after it was reported the pensions dashboard idea could be in jeopardy. PIMFA called for the government to reconsider the step and to deliver on its previous commitment, as set out in the Financial Advice Market Review, to produce a dashboard by 2019.PIMFA says the pensions dashboard can play an “absolutely vital role” in helping savers plan for their retirement. But, despite what it called “significant input of resource” from the profession, the Government now appeared to be “rolling back” from this aim.The creation of a pensions dashboard was originally announced by the then-Chancellor George Osborne in 2016, who said it would be up and running in 2019. Simon Harrington, senior policy adviser at PIMFA, said: “We are extremely disappointed by this speculation. “It is important that the Government stands by its commitment regarding the Pensions Dashboard.“We believe that the Pensions Dashboard can play a crucial role in both engaging savers, as well as reducing the cost of advice, ensuring more people are delivered better outcomes in retirement.” PIMFA joined the ABI which has also expressed dismay at the Government and Work and Pensions Secretary Esther McVey’s apparent new stance. Last week Huw Evans, director general of the ABI, branded the volte face “a huge let down to millions of savers”, which could expose them to fraud and and leave them unable to find the money they had saved. He urged the Government to rethink and said of the dashboard: “This is an initiative with cross-party support, backed by consumer groups, which is a win-win for everyone.”

Government must act on pensions dashboard says PIMFA

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