2019

19 April 2019 – Queen’s Speech is coming

A report in The Times states that the Queen’s Speech will be made “in or around June 2019” and will include a Pension Schemes Bill covering TPR powers and dashboards.

 

4 April 2019 – DWP consultation response

Government publishes its response to the dashboards consultation.

Meanwhile, the Work & Pensions Committee publishes evidence received from various parties about scheme’s data readiness.

 

3 April 2019 – Response by “end of the term”

The Pensions Minister tells a Work and Pensions Committee Meeting that he intends to publish the Government’s pensions dashboards consultation response by the “end of the term” but can’t give a precise date.

 

21 March 2019 – Benefits of multiple dashboards

In the next of his series of extended blog articles on pensions dashboards, the ABI Policy Adviser Matt Burrell sets out the benefits of multiple dashboards and argues that their risks are not that dissimilar to those of a single dashboard.

 

12 March 2019 – First SFGB Dashboard Roles

The Single Financial Guidance Body (SFGB) posts the first two job adverts for roles in the  Pensions Dashboards Industry Delivery Group, namely the Steering Group Chair and the Implementation Executive Director, with closing dates of 5 April 2019.

 

7 March 2019 – No Master Trusts in 2019

Aegon Head of Pensions Kate Smith says in an FT Adviser article that the 2019 focus on master trust authorisation (MTA)* means these scheme won’t be able to allocate significant resources this year to preparing for dashboards.  However, Kim Brown (The Pensions Regulator (TPR) Head of MTA) says MTA will help master trusts be better prepared for dashboards generally.

* applications by end of March, authorisation decisions from TPR by end of September

 

4 March 2019 – MAPS to lead on dashboards

Government is proposing that the newly established Single Financial Guidance Body (SFGB) takes a lead role in driving the delivery pensions dashboards.  Today the body is given the new name the Money and Pensions Service (MAPS) in a Statutory Instrument laid before Parliament and coming into force on 6 April 2019.

 

1 March 2019 – WTF and Back to basics

Young Money blogger Iona Bain invokes Julien Baptiste in an excellent blog post about pension dashboards and how you’ll have to continue being a detective and search for your own missing pensions until dashboards are up and running.

And in the first of a series of Money Marketing articles, Royal London Strategic Insight Manager Ian Macintyre takes us back to basics reminding us what dashboards will do and what they will depend on.

 

28 February 2019 – Guidance and dashboard together?

A Pensions Age article, reports on Baroness Drake speaking at the ABI Annual Conference 2019 where she encouraged combining dashboards with guidance: “I worry people will see all their data and this will just reinforce poor behaviour because they have even more information to exercise sub-optimal decisions on.”

 

15 February 2019 – 125 consultation responses and a debate

Quoted in a New Model Adviser article, a DWP spokesperson reveals that the Department received 125 responses to the pensions dashboards consultation.  About 12% of these have been published in the public domain – see the list below.

Meanwhile, Prospect Magazine, in conjunction with The People’s Pension, hosts a dashboard debate with the Pensions Minister and leading industry figures.

 

13 February 2019 – Housing wealth in or out?

In a letter to the Pensions Minister, Equity Release Council Chairman David Burrowes argues that housing wealth is so significant to retirement planning that it should be included in the pensions dashboard.  But in an FT Adviser article, Sunday Times Money Editor James Coney argues that property assets should definitely not be included.

 

6 February 2019 – Westminster Hall debate

In a well attended Commons debate on the subject of the pensions dashboard, key messages articulated were the importance of legislation (to compel data to be provided), regulation (to ensure appropriate treatment of that data) and governance (to ensure the set up and operation of pensions dashboards is properly managed).

On the same day, those were exactly the same three headings listed as essential by the ABI’s Matt Burrell in his latest dashboard blog article.

 

4 February 2019 – An actuarial perspective

The Future Pensions Landscape Working Party of the Institute and Faculty of Actuaries publishes an extensive paper on the information that could be displayed on pensions dashboards.  This will be a very useful document as the implementation is planned later in 2019.

 

29 January 2019 – Consultation responses

The DWP’s eight-week dashboard consultation ran from 3 December 2018 to 28 January 2019.  DWP received 125 responses from various organisations and individuals with about 12% of those organisations choosing to publish their responses in the public domain:

Altus Business Systems response

Association of Consulting Actuaries response

Chartered Institute for Securities & Investments (CISI) response

Firefighters’ Pensions (England) Scheme Advisory Board response

Hymans Robertson response

Institute and Faculty of Actuaries Response

Low Incomes Tax Reform Group response

Origo response

PensionBee blog posts on timescales, infrastructure & governance

Pension Protection Fund response

Pensions and Lifetime Savings Association response

Pensions Policy Institute response

The People’s Pension report

Pinsent Masons response

Tax Incentivised Savings Association response