The pensions minister has stated that savers will only engage with the pension dashboard if they are able to place trust in the information it provides.
During a development day for the pensions dashboard, Guy Opperman stated that if the project is to be a success, all parts of the industry need to embrace it.
Speaking at the event, the minister for pensions and financial inclusion stated: “Proper engagement will only happen if the consumer has trust in the dashboard and confidence that the information is complete to the extent that it is useful.”
Opperman also stated that the dashboard should be completed if consumers are going to be fully on board with it, stating: “The independent user research commissioned through the Money Advice Service highlighted the low tolerance among consumers for an incomplete dashboard.”
He went on to highlight the feasibility currently being undertaken by the Department for Work and Pensions – its aim is to find whether the industry requires some kind of incentive to speed up its progress.
“If it is appropriate and necessary to legislate to bring schemes on board within a reasonable timeframe, we will do so.”
Opperman concluded by drawing attention to the wider aims of the project, highlighting the vitality of a consumer protection framework and data security.
“Whatever our approach, and particularly if we enable expansion into the open market, a consumer protection framework will be vital to mitigate the risks of poor choices, potential misselling and scams. And of course, the data must be kept secure.
“We need to maximise people’s engagement in their pension while maintaining their trust. We will ensure that consumer interests are properly safeguarded and their information protected.”
