Pension schemes have been urged to get their dashboard data ready or face having pensions minister Paul Maynard ‘knocking’ on their door.
Maynard told delegates at the Pensions and Lifetime Savings Association’s annual investment conference in Edinburgh he may seem 'cuddly' but was committed to the smooth implementation of the pension dashboard.
He also updated delegates on government plans for collective defined contribution schemes, the issue of pension pots and the extension of automatic enrolment.
Maynard said: “It is more important than ever that people understand their pension information to prepare for financial security in later life.
“That is where dashboards come in. They are critical in my view and have the potential to change how savers plan for their retirement by allowing customers to view their information including the state pension, all in one place, online.
“They may need assistance to properly understand the choices before them but will put more power in an individual’s hand.”
“I know our collective commitment to dashboards is shared across the pensions industry so I urge all pension schemes and other providers to get their data ready ahead of connection.
He added: “Don’t wait for me to come knocking at your door. I may seem cuddly now but trust me if I have to come to your door when it comes to dashboards, you will not enjoy the experience.”
Mansion House shopping list
Maynard told the conference that 2023 had been an exhausting year for pensions and 2024 was set to be even busier.
The MP for Blackpool North, who was appointed pensions minister in November, said he had no idea what he was walking into. “It [pensions] wasn’t an area I had focused on much at all and I realised I had a rapid learning curve.”
Maynard said his first task was dealing with a ‘shopping list' of the Mansion House proposals. “I knew I had quite a lengthy list to work from.”
Maynard said he would have, “a relentless focus” on pensions.
“I want to make sure that no matter what anyone’s income happens to be that we have a pension saving system that delivers the very best outcome for each and everyone of them after a lifetime of that hard work.
“I want to ensure that every pound invested by my constituents is working just as hard as they are.
“It’s good for them, for their employers but it can also be good for the UK economy.”
Extension of automatic enrolment
Maynard told delegates the government was committed to extending automatic enrolment to 18 to 22 year olds “at the right time” and it was progressing the development on collective defined contribution schemes (CDCs).
He said he intended to consult on legislation later in the year to extend the CDC regulatory framework to whole life multiple employer schemes.
“We have been working with various organisations actively right now to establish a multi employer CDC scheme once the new legislation is in place.”
