Pensions - Articles - Simplified first stage dashboard could solve lost pot issue

With the government consultation on pensions dashboard closing on 28 January, Quantum Advisory has encouraged the industry to consider launching a simplified first stage platform, loaded with provider and contact details only, in order to start combatting the lost pot issue now.

 Robin Dargie, Senior Consultant at Quantum Advisory said: “Some industry commentators are understandably sceptical as to whether a perfect dashboard can be achieved by the 2023 deadline. It may not be the case, but what we can do is make it workable and efficient even in the short term. We cannot afford to wait for perfection, it’s about doing what’s manageable now - especially with recent research carried out on behalf of ABI claiming there to be an estimated 1.6 million unclaimed pots in the market amounting up to £20 billion. Dashboard has the power to reunite an endless number of members with forgotten pension pots, in turn having a measurable impact on their final retirement income. 

 “Getting data up to scratch will be a hurdle for many schemes. However, a first phase of dashboard, containing scheme and contact details only, would allow users to see the pots they have and where, giving a means of contacting providers to obtain up to date and accurate information on the values. This is, of course, similar to the government’s approach for the State Pension. This basic version may not be the all-singing, all-dancing platform we had first envisaged, but would reduce the risk of mistrust among members who might otherwise receive inconsistent or inaccurate information, whilst allowing the industry greater opportunity to develop a dashboard that maximises its full potential.”

Back to Index

Similar News to this Story

Sackers launch guide for trustees on pension transcations
Sackers have published its latest guide for trustees on buy-ins, buy-outs and longevity transactions. This guide is focused on supporting pension sche
Pensions Minister echoes climate warnings in Westminster
MPs from across the House of Commons have debated climate change and pensions. Pensions Minister Guy Opperman responded. Earlier he spoke of ‘kickstar
New tools allow pension schemes to deliver greater value
New tools helping pension schemes deliver greater value for money for millions of savers have been launched today (21 May) by the Cost Transparency In

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.