Prospect and The People’s Pension assembled leading political and industry players at a recent roundtableby Prospect Team / February 15, 2019 / Leave a comment
“What have I got, and where is it?” It is the first question that any sensible pension saver wants answered, and since—at least—the pensions green paper of 2002, it is the question which governments of all stripes have been notionally committed to helping them answer. But too many savers are still left clueless about how or where they can find out, which is why so much is resting on plans for an integrated and easy-to-view pensions dashboard.
With the government mulling its response to its consultation on the dashboard, Valentine’s Day was an opportune moment for Prospect and The People’s Pension to assemble a stellar crowd of political players and experts to talk through how a success can be made of the scheme. One that all political parties and industry leaders are committed to—at least in principle.
After Prospect’s Tom Clark, from the chair, had reflected on how noble words on “informed choice” in the past had often failed to translate into action, Patrick Heath-Lay from The People’s Pension argued that the encouraging “clear cross party consensus” around the dashboard now needed to “embrace the art of the possible.” This must be done while ensuring that current debate and future governance arrangements are designed around the paramount importance of consumer, not industry, interests.
Unveiling the new research he has undertaken for The People’s Pension, Dominic Lindley shed light on how dashboard-type schemes do—and don’t—work well around the world. Compulsory involvement by providers is essential for progress within a reasonable time frame, and so are clear legal rights for consumers.
Pensions Minister Guy Opperman responded, stressing that ears and minds would remain open on all these crucial details in Whitehall through the current consultation. He also stressed how serious he was about consensus, being in regular contact with Labour shadow Jack Dromey. He dismissed the thought that parliament’s Brexit paralysis would blow the project off course, emphasising the relatively modest volume of primary legislation required, as compared with all the crucial details which the department would be able to set out in regulations.
Treasury Select Committee Chair Nicky Morgan, and Labour frontbencher Ian Murray, both stressed how much of a mystery pensions still are…