Scrapping the dashboard, is it harmful?

Portafina’s MD comments on the future of the pensions dashboard

Scrapping the dashboard, is it harmful?

"Learning about the news that the government are planning to scrap the online pension dashboard, is, quite frankly, shocking. With all that time, effort and money that has already been invested, it seems silly to throw it all away.

This is something that will help people know where they stand with their savings and what they will be able to do in the future. And unfortunately, now it’s at risk. The dashboard is the closest thing we have come to making it easier for people to see the benefit of saving, so potentially scrapping it just doesn’t make sense.

We believe that the pension dashboard will be beneficial for people because it means that there won’t be any smoke or mirrors with their policies. We all know that pensions are complex, so surely creating an online tool that can simplify them and show people what’s right in front of them is a no-brainer?

It will be a positive move for the industry as well, as IFAs really struggle to get the right information for clients. And, providing a platform for better engagement with clients will mean that clients will be able to make more informed decisions about their future.

Scrapping the idea could be harmful to an industry that’s already trying very hard to encourage people to save and take greater control of their retirement. There are many people out there that justifiably struggle to trust and understand how important pensions are. After years of what it seems like dangling a carrot in front of them and offering a solution to this, getting rid of the platform will only make things worse.

We all know in the industry that these things take time. Yet, we really hope the government can reconsider its plans and keep the benefits of what the dashboard will offer to people, at the forefront of their minds." 

Jamie Smith-Thompson
Managing Director at Portafina

 

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