Jamie Jenkins, Head of Pensions Strategy at Standard Life said: “As with other sectors, the pensions industry has to make strides with technology to respond to the changing behaviours and needs of consumers. People now expect to be able to conduct their financial affairs at their convenience and it is vital that we make it easy for them to do so.
“Online access to pensions is nothing new, but the need to bring multiple pensions together in one dashboard is being accelerated by the move from defined benefit (DB) to defined contribution (DC) pensions. DC offers additional flexibility of choice and also means that employees need to take more responsibility for how much they save. The reality is that many people already have more than one pension with multiple providers and this is a trend that is only likely to increase. People need a simple and flexible way to view their various pensions in one place, to see the bigger picture.
“Standard Life has been supportive of this project from the very start as we believe that if we work together to get this right, it will make it easier for people to engage with their lifetime savings and to plan for their future, taking control and making better informed decisions.
“2019 may seem like a long way off, but it’s crucial that everyone gets behind this to ensure it is delivered to consumers in a reliable, comprehensive and secure way.”
Philip Brown, Head of Policy at LV=, said: “The Pensions Dashboard is a much needed piece of technology that, for the first time, will give consumers a clear understanding of all their pensions in one place, and could help them take action to lead more comfortable lives in retirement. As part of the cross-industry project, LV= is extremely pleased that we have shown how this system can be developed and we look forward to continuing to work with Government, regulators and industry to develop the service in full. We would now like to see a clear steer from Government on their vision for the next phase so that as an industry we can keep up the momentum on the development of it. The sooner consumers are able to access this service, the sooner they’ll have greater support to save for retirement.”
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