Pensions Dashboards consultation response
28 Jan 2019
Hymans Robertson provides independent pensions, investments, benefits and risk consulting services, as well as data and technology solutions, to employers, trustees and financial services institutions.
We strongly support the Pensions Dashboard initiative. The proposed approach, as laid out in the attached consultation response, acknowledges and effectively balances several considerations:
- Asserting good consumer outcomes as the primary purpose
- Providing enough direction to enable the industry-led delivery (e.g. data standards and security)
- The inclusion of state pension as a critical component of retirement income for most pensioners
- Enabling flexibility for consumers to benefit from industry innovation, through commercial dashboards and value-added services.
As independent consultants in long term savings, we have witnessed first-hand:
- The endemic lack of understanding and engagement that pervades society around retirement provision
- The difficulties that consumers face in assimilating their aggregate position, and the consequent challenge in deciding on an appropriate course of action
- The positive outcomes that emanate from providing an holistic view to the consumer, along with easily understood guidance on options and implications.
Our industry-leading Guided Outcomes™ analytics technology has transformed thinking in the DC Pension market, evidencing the improvements possible when consumers are empowered to make positive changes in their retirement planning.
Follow the link below to read our full response to the DWP's consultation.