Since 2010, the Government has worked closely with the pensions, financial services and consumer community to rebuild the UK’s pension savings culture.
Through automatic enrolment, almost 10 million people are newly saving or saving more into a workplace pension scheme, with an estimated £20 billion extra pension saving by 2019/20. According to the latest statistics, the total membership of workplace pension schemes is now at a record high of 41.1 million in 2017, up nearly 50 per cent since 2012. Pension freedoms have given people much greater choice about when and how they use their pension savings.
I am glad that the Department for Work and Pensions (DWP) has published a feasibility study and consultation paper on the development of pensions dashboards. This report sets out the belief that the design principles of dashboards must put the individual at the heart of the process by giving people access to clear information in one place online, ensure their data is secure, accurate and simple to understand, and ensure the individual is always in control over who has access to their data.
The DWP will legislate, when parliamentary time allows, to deliver pensions dashboards. To ensure that this works for consumers, an industry-led delivery group, convened by the Single Financial Guidance Body, will help to ensure that industry safely and securely deliver their part in making dashboards happen. The Single Finance Guidance Body will also have its own dashboard to ensure that all consumers have straightforward access to pensions information.
I am determined to ensure this culture of savings continues and I will be following this issue very closely.