The UK government risks exposing millions to fraud and lost pension pots if it abandons its support of a pension dashboard, according to the Association of British Insurers (ABI).
The trade body issued the stark warning after a UK newspaper reported that Esther McVey, the UK’s state secretary for work and pensions, was considering abandoning her department’s work on the pension dashboard in favour of other welfare reforms.
The newspaper cited anonymous sources who said McVey believed the dashboard should not be provided by the state.
If true, it would directly contradict statements from Guy Opperman, the minister for pensions and financial inclusion. In October last year, Opperman told the Pensions and Lifetime Savings Association’s (PLSA) annual conference to “be in absolutely no doubt: the dashboard will happen”.
Other politicians have also supported the dashboard concept. The Work and Pensions Select Committee, a cross-party group of MPs, even called for the project to be taken out of private sector hands altogether and be run solely by the government.
The ABI and technology firm Origo have been working on prototypes for a dashboard – which would bring together in one place an individual’s personal, workplace and state pensions – for two years. Last month, Origo announced it had successfully tested a version of the dashboard for use by up to 15m people.
Huw Evans, director general of the ABI, said: “It is vital the government stands by its promises on the pension dashboard. To abandon it would be a huge let down to millions of savers, leaving them unable to find the money they have saved and even exposing them to fraud.
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