State pension must be included for Dashboards to succeed

If Pension Dashboards are to be successful, they must include all pension savings from day one, Aegon has said. Work on the Pension Dashboard Programme has restarted after its first consultation has come to a close yesterday. The pension and investments provider said that pension savers will expect to see all pension savings on dashboards and therefore all savings, including the state pension, must be included from launch. Aegon also said that commercial dashboards will be invaluable in building momentum and engagement. Therefore, the MaPS dashboard should not be seen as a replacement. Kate Smith, head of pensions at Aegon, said: “As a long-term supporter of pension dashboards, we believe they have the potential for savers to really engage with all their pensions. “We strongly believe that every pension, including the state pension, must be on the first generation of pension dashboards. Pension savers will expect to see all their pension savings on dashboards, and if this isn’t the case, we fear that they will lose confidence in dashboards and never return. “To get pension dashboards off the ground, as a stop gap if full data is not available, scheme contact information should be supplied to dashboards. Regulations must set out a realistic, but short, timetable for all schemes and providers to supply full, accurate and timely data as required by the agreed data standards. “While MaPS will provide the first dashboard, commercial dashboards will be invaluable in building momentum and engagement through their established relationships and regular contact with their customers. While the MaPS dashboard will have the benefit of being first, it shouldn’t be seen as a replacement for commercial dashboards. Existing pension providers have contact details of their customers and can promote dashboards through ongoing communications in a way simply not open to MaPS.”

State pension must be included for Dashboards to succeed - Aegon

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