Nearly three quarters (71%) of financial advisers want the roll out of pensions dashboards to be prioritised by the government in 2020, according to new research from Standard Life.
Standard Life’s quarterly survey of financial advisers found that the vast majority viewed pensions dashboards as the most important element of the government’s Pensions Bill, which was introduced to the House of Lords on 7th January, with its second reading in the House on the 28th of January.
Although not included in the Bill, further enhancements to auto enrolment was the next biggest priority raised, cited by two fifths (42%) of respondents.
Greater powers over trustees for the Pensions Regulator and the development of collective Defined Contribution schemes came next, with 25% and 21% of respondents respectively.
Jamie Jenkins, Head of Global Savings Policy at Standard Life, said: “Our latest poll of financial advisers confirms the industry is firmly on board with the roll out of pension dashboards, and wants the government to prioritise the timetable and design principles needed to get the project moving in 2020. The findings are encouraging as the Pension Bill reaches the House of Lords, hopefully putting to bed speculation the legislation would be delayed further.
“It’s unlikely we’ll see a comprehensive dashboard made available this year. However, the impact of the technology reaching development stage should not be understated. Pension dashboards are going to give people greater control over their retirement savings and, ultimately, help the advice and wider savings and investment industry deliver universal pension coverage for all.”
Data for Standard Life’s Q4 Quest report was collected between 19th November and 2nd December. 232 UK advisers on the Standard Life database took part.
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