UK. Govt’s dashboard proposals cause widespread industry concerns
The Pensions and Lifetime Savings Association has recommended three thresholds that must be met before pensions dashboards are launched to the public, but there is widespread industry concern around liability for incorrect or misinterpreted information, and significant doubts whether its launch is achievable by the government’s preferred dates.
The Department for Work and Pensions launched a consultation into its draft dashboards regulations in January that set out detailed data presentation and communication requirements, and that reaffirmed the government’s commitment to having both ‘find’ and ‘view’ functionality at launch.
The industry has long been concerned that the workload entailed by find and view could make the proposed staging deadlines unachievable, while public sector schemes in particular are thought most at risk of missing their onboarding date.
The government acknowledged that dashboards may contain incomplete information at launch and set out ways by which schemes could mitigate any damage resulting from this, but the relatively vague wording around who has liability should incorrect information be presented, or were members to misinterpret the information when making decisions, has caused significant alarm in the industry.
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