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04 April 2019

Self-employed cheer Government commitment to pensions dashboards but question timeframes

Commenting on the Government’s response to its pensions dashboards consultation, Federation of Small Businesses (FSB) National Chairman Mike Cherry said:

“With Brexit absorbing so much Westminster bandwidth, it’s encouraging to see the Government reiterating its commitment to pensions dashboards in the strongest possible terms.

“Fewer than one in three sole traders are saving into a private pension. If we fail to increase that proportion imminently, we’re storing-up serious problems for the future. Comprehensive, user-friendly pensions dashboards are one important way to encourage the self-employed to think seriously about retirement plans.

“The Government’s commitment to compel pension schemes to share data with platforms through primary legislation is particularly welcome. Without that, the whole initiative could end up being a damp squib.     

“Some urgency is now required, and we question the three to four year timeframe for schemes to prepare data for dashboards. The Government’s own response accepts that The Pensions Dashboard Prototype Project has already done the heavy-lifting where developing the necessary tech is concerned. It’s interesting to note that a lot of consultation respondents feel this timeframe is too generous.

“Hopefully once the Brexit impasse is resolved we can move back to addressing more critical domestic issues like this one, not least the UK’s late payment crisis, the spiralling costs of doing business and a regressive business rates regime.”