If the dashboard sits as part of the guidance body then it can be used when providing impartial government guidance to consumers, making it more personalised and ensuring better outcomes.
Finally, we expect that once we have a prototype and move into implementation phase that the Department for Work and Pensions (DWP), and Pensions Minister, will get more involved.
Currently this project has sat with Her Majesty’s Treasury but it feels to us that it would be more appropriate for the department that handles pensions to take charge for the longer term.
Particularly as DWP involvement is also needed to feed in state pension information and give consumers a clearer picture of their retirement situation.
As an industry we have a responsibility to our customers to help them make the right decisions. The dashboard is going to be a turning point for the industry, providing us with a platform to engage better with consumers and help them make more informed, active decisions about their retirement.
However, to ensure the momentum is retained and all providers and schemes sign up, the government needs to be crystal clear about its intentions for the next stages once the prototype has been reviewed.
Then we, as an industry, must keep to our commitment and deliver this crucial service for consumers without delay.
Philip Brown is head of policy at LV=
