Pensions Dashboard - PLSA says industry must not be left alone

The Pensions Lifetime Savings Association has welcomed the UK government's commitment to the delivery of the Pensions Dashboard, saying that it will be an essential tool to help savers plan their retirement income.

However, it has also warned that it is absolutely vital that the government does not 'leave this solely to the industry and remains closely involved. Nigel Peaple, Director of Policy and Research at the PLSA said:

'The PLSA has long said that government participation is essential to the success of the project, both to give the public confidence in the tool and to ensure all parts of the pension sector and other key stakeholders are fully involved.

'We now eagerly await the publication of the feasibility study to understand the detail behind the government's involvement and next steps'.

Earlier in our forum debates on the important topic of technology and pensions, The Behavioural Economics Forum recorded a discussion panel with Mercer, the University of Newcastle (Darren Duxbury) and Neil Collins of the Financial Times on the impact of the new pensions freedoms introduced by the government in 2015.

Technology had a role as Mercer had sponsored research with Stanford University to test how an emotional connection to people's future selves might be achieved by using ageing software. The key, as Mark Rowlands of Mercer put it "is to create an emotional connection because then (savings) behaviour can change".