In a letter to Secretary of State for Work and Pensions, the Rt Hon Esther McVey MP, ICAS CEO Bruce Cartwright CA sets out the accountancy body’s concerns on the possible withdrawal of Government support for the Project.
ICAS recognises that there is more work to do on the Project, including reaching a conclusion as to whether the Government should provide a single dashboard or whether multiple dashboards should be provided by the pensions industry.
If it is decided that multiple dashboards should be provided, the Government will still need to be involved to ensure that the appropriate competition and consumer protection measures are established.
Moreover, the Project requires a collaborative approach and robust arrangements to protect personal data if it is to be successful. The Government has a vital role in ensuring that the appropriate regulatory and governance arrangements are developed and implemented alongside the technology. This will deliver a dashboard solution to pension savers as a complete package in which they can have confidence.
Bruce Cartwright CA said: “The DWP’s continued leadership of the Pensions Dashboard Project and continued collaboration with the pensions industry and technology experts is vital to delivering a successful outcome for today’s pension savers and for future generations.”
“We support the vision of pension savers having access to an online tool which enables each saver to view their pension arrangements across all schemes and products in one place in real time.
“The Project is challenging, but we believe the challenges are out-weighed by its merits.
“We are therefore urging the Secretary of State for Work and Pensions to continue her support for this important undertaking.”
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