Government must take lead role in delivering pensions dashboard

The Institute and Faculty of Actuaries (IFoA) says that if the government hopes to achieve its stated aim of delivering pensions dashboards with universal coverage, it must commit to taking a leading role in the project. This comes as the IFoA submits its consultation response on the ‘Pensions Dashboards: Working together for the consumer’ to the Department for Work and Pensions (DWP).

John Taylor, IFoA President-elect said:

“We believe pension savers and the government have much to gain from successful dashboards. The onus will be on the government to compel all pensions providers to participate. We recognise that this will be complex and could impact the project timeframe. However, taking the necessary time to get this right will be crucial to the project’s success, and is clearly in the public interest. A dashboard which only provides a partial picture risks damaging public trust in the tool, and in pensions more generally.”

This consultation seeks views on the various practical aspects involved in delivering the project, following the government’s re-commitment to the dashboard in the last Budget. But the IFoA believes the consultation should be seen as the first step towards a bolder plan for financial education which truly engages savers with retirement planning.

John Taylor continued:

“The current generation of workers is sleepwalking towards an underfunded retirement. Pensions dashboards will be an essential wake-up call, helping individuals understand their pension savings and the options for achieving an adequate income in later life. Embedding a strong savings culture will help to reduce individuals’ future reliance on state provision, with benefits to all taxpayers.”

~ENDS~

Contact:
Sonia Sequeira, Media Relations Manager
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk

Notes to Editor

Institute and Faculty of Actuaries response on the ‘Pensions Dashboard: Working together for the consumer’ to the Department for Work and Pensions (DWP). 28 January 2019

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.

Research undertaken by the IFoA is not commercial.  As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest. 

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.