25 January 2021 – A Living Pension
The Resolution Foundation publishes a report entitled Building a Living Pension, on how much a “living pension” for low to middle income (LMI) families should be and how much should be contributed to deliver that income in retirement . In the report, and its launch webinar, there is considerable discussion about the pros and cons of including the living pension amount on pensions dashboards.
19 January 2021 – Final Bill stages
A House of Lords debate considers Commons’ amendments to the Pension Schemes Bill. Both Houses agreed the text of the Bill, with Royal Assent awaited.
Looking ahead to the drafting of the secondary legislation (regulations) for dashboards, the Minister (Baroness Stedman-Scott) says the Government is prepared to “engage, engage and engage”. In particular, she commits the Government to tabling Written Ministerial Statements during the consultation phases, prior to debating proposed dashboards regulations.
13 January 2021 – Video case study
To support the debate about what information initial pensions dashboards should show, I’ve published a pensions dashboards video case study (you can also click the graphic below to watch it on YouTube). I’ve love to know what you think – let me know your thoughts via my details on the Contact page. Many thanks.
12 January 2021 – Look ahead to 2021
PDP Principal Chris Curry publishes a blog article looking ahead to 2021, covering the Pension Schemes Bill, procurement of the Pension Finder and Digital Identity services, research and pension scheme / provider onboarding.
11 January 2021 – Dormant assets expansion
HMT and the DCMS confirm that, whilst pensions dashboards will seek to reconnect individuals with their pensions, some types of pensions will be included in the expanded dormant assets scheme (i.e. where the pension’s owner cannot be located).
9 January 2021 – Partial matches
Sunday Times Money Editor James Coney starts the year with an article highlighting that pensions dashboards will be “as good as useless” if they can’t find your pensions.
This could be because of inaccuracies in one or more of the items of your personal information held by your pension schemes & providers, and which are used by them to match you to your pensions. Examples could be your Surname or Address being out of date.
This is a major challenge to be overcome by the pensions industry, working closely with the Pensions Dashboards Programme (PDP).
The answer is going to lie in the development of secure and effective “close match” correction processes. For example, even if Surname has changed, National Insurance Number and Date of Birth may match, so this is a “close” but not a “complete” match.
Defining a secure way for the pension provider to update their records to hold the individual’s up-to-date Surname will enable the pension to be found and displayed on the individual’s chosen dashboard. It’s also a win-win for both the individual and the provider because the record keeping has been improved.