The Government have today introduced long awaited legislation for the creation of a ‘Pension Dashboard’ and MP Steve Brine was pleased to welcome it on behalf of his constituents.
The scheme will enable retiring savers to view details of all their pension pots from current and previous employers in one place.
The Winchester and Chandler’s Ford MP intervened on his colleague, Dr Theresa Coffey MP, the Secretary of State for Work and Pensions, saying that the current situation was “an absolute minefield” for his constituents.
He also raised a concern about companies having to take part, saying “ The Bill talks about compelling schemes to participate and to provide good quality data in a timely manner. Could she just expand on that compulsion? What exactly does that mean in legal terms?”
The Secretary of State replied, acknowledging his concern and adding that “The Bill will require the pension schemes to provide all the data that they have available, so that it can be brought together to provide that information. I am conscious that this is further data, which may take a little time to come together, but this has been worked on for some time and we have made careful progress with the industry to get to this point.”
More information ...
