DC DEBATE


Will the pensions dashboard deliver a more engaged DC membership?


Samantha Chandler: It should do. It will be one of many factors that help drive engagement, but the potential for pensions dashboards within defined contribution pensions are enormous. Auto-enrolment has been a success, the statistics


prove it. If the industry can provide for more people (which AE is achieving) and couple that with engaging more people by providing standardised, consistent information in a recognised place, then there is potential for a step change in people’s thinking and attitude. The first step is knowing what money you have and where it is.


ALLOWING INDIVIDUALS AT-A-


ACCESS TO ALL THEIR PENSION SAVINGS WILL BE


AWARENESS GLANCE


Mark Rowlands: We’re fully supportive of government’s commitment to deliver the pensions dashboard next year. Allowing individuals at-a-glance access to all their pension savings will be a useful tool to increase awareness and keep them informed about their savings. The tool needs to be trusted, relevant with a


A USEFUL TOOL TO INCREASE


careful balance between ease and protection. What I mean by that is it should help people make informed decisions and not be too easy for someone to cash out their savings without the appropriate checks in place, such as considering the costs, investment risk-reward potential and governance of different options.


A simplified dashboard


Pension finder will locate state and occupational pension details, relaying information to public or commercial service


The potential for pensions dashboards within defined contribution pensions are


enormous Samantha Chandler, client manager, ITM


Whether increased awareness will lead


to a change in behaviour and create a more engaged DC membership is yet to be seen, but is something we will be very interested in reviewing over time.


Stuart Murphy: We are equally supportive of the dashboard; it should simplify pensions for DC and defined benefit savers. Seeing all your pension investments in one place and format should hopefully lead to less of a head-in-the-sand mentality. In reality, however, it may be years before it is fully functional and members are engaging with it. Key to the dashboard’s success will be enabling


IDENTITY SERVICE


PENSION FINDER


DASHBOARD Source: Department for Work and Pensions/Pensions Expert 38 PENSIONS State pension


Occupational pension


members to consolidate their various pensions. We have recently acquired MyFutureNow, a technology company that enables individuals to trace old pensions that they may have forgotten about or lost. This will hopefully help to fill the void in the meantime. Historically, data protection and security- conscious providers have been reluctant to provide data about their pension schemes to external parties. Our growing data science and data engineering


capability has allowed us to take a leading role in a Pensions Policy Institute-led initiative that aims to anonymise, blend and aggregate contributions data from all key pension providers. The aggregated data can be used to drive


government policy with fact-based insights, rather than the assumption-driven analysis the wider market has traditionally relied upon. This initiative can help towards the development of the dashboard.


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