Wealth Design News

Pension experts are warning the government's proposed single pension finder service for the pension dashboards will unnecessarily drive up costs for providers and the end consumer. The Department for Work & Pensions (DWP) had published a consultation on the project on Monday (December 3), accompanied by the long-awaited feasibility study, which proposed multiple dashboards but a single system to search for data from different pension schemes. The plan for the pension dashboards, with the first one due to be launched in 2019, was to allow savers to see all of their retirement pots in one place at the same time, giving them greater awareness of their assets and how to plan for their retirement. The government said the pension finder service, which will collate the data, should be run on a non-profit basis and it left it to the dashboard industry delivery group to decide how to best deliver it. The fears are that having only one finder service means there is a lack of competition on pricing.