Pensions Dashboard to be dropped?

greenglide

Various news articles over the last few days suggest that out lovely caring government wants to ditch the pensions dashboard project (to save money that they would rather go into their pockets?

The pensions dashboard, if implemented properly and advertised properly (better than the HMRC Personal Tax Account!), could be of huge benefit to millions of people. The industry seems to want to go ahead as well, it seems very odd. Articles can be found:-

https://www.ft.com/content/dc27341e-8aa3-11e8-b18d-0181731a0340
https://www.independent.co.uk/money/spend-save/old-age-savings-pension-dwp-government-personal-finance-money-retirement-a8453091.html
http://www.thisismoney.co.uk/money/pensions/article-5962377/Is-Government-dump-pensions-dashboard.html


38degrees have an online petition linked to from https://www.moneymarketing.co.uk/pensions-dashboard-support-petition-skyrockets/


This is worth signing, currently just under 40,000 signatures. These petitions do actually work.

Alice_Holt

Thanks.

Have signed the petition.
https://you.38degrees.org.uk/petitions/do-not-scrap-the-pensions-dashboard

Silvertabby

I never thought it would happen - there's just too much scope for error.

kidmugsy

Silvertabby wrote: »

I never thought it would happen - there's just too much scope for error.

What a polite way to say "because it was always a silly bloody idea".

greenglide wrote: »

to save money that they would rather go into their pockets?

Can you explain in what sense you imagine that the money goes into their pockets?

LHW99

https://www.professionalpensions.com/professional-pensions/news/3009736/tackling-dirty-data-is-crucial-for-pensions-dashboard-to-succeed


This may explain why there is relucatnce to implement it at the moment (there is a more up to date article in the Telegraph, but not accessible unless you are registered)

jamesd

Silvertabby wrote: »

I never thought it would happen - there's just too much scope for error.

Perfection isn't required, just getting an indication that there may be a pension there will suffice, provided all pensions are compelled to participate.

jamesd

kidmugsy wrote: »

Can you explain in what sense you imagine that the money goes into their pockets?

There are several potential groups which can benefit when a pension is unclaimed:

1. employers who guarantee the benefits of DB schemes
2. whoever gets the residual benefits in a running down scheme. Both 1 and 2 of particular importance for small DB schemes where those making the contact attempt decisions may benefit. Lgally forced participation for at least basic data provision is needed.
3. whoever gets unclaimed DC money, which is ultimately the government

kidmugsy

jamesd wrote: »

There are several potential groups which can benefit when a pension is unclaimed: ......

But none of it ends up in the pockets of the government, which was the absurd allegation of the OP. Even those of us who despair of the present government surely don't suppose that its members are pocketing the wodges of cash saved by abandoning the project.

Of course it might be better if we did let them pocket 10% of the savings when a project is abandoned: then maybe we'd see the back of the preposterous HS2.

jamesd

Number 3 is the government.

kidmugsy

jamesd wrote: »

Number 3 is the government.

And number 3 completely misses the point. The idiot original suggestion was that the government - about a hundred people in the Palace of Westminster - pockets the money. By contrast, you simply misphrased the point that the money would go to HM Treasury.

jamesd

That original post used their to refer to the government and its revenue, not individuals within it.