A Whitehall initiative designed to give savers easy access to pensions information has taken another step towards hitting the market.
The Money and Pensions Service has appointed industry veteran Chris Curry to help deliver the so called pensions dashboard. He will be tasked with forming an industry group drawing on sector-wide experience to bring the nascent project to consumers.
Under the scheme, workers will be able to see information about their various nest eggs combined on a so-called dashboard. This will be accessible on smartphones, tablets and computers. The dashboard hopes to make it easier to track of funds in various pots over a lifetime of working.
Curry is director of the Pensions Policy Institute, and co-chaired a government advisory group on auto-enrolment in 2017. Pensions minister Guy Opperman today said his appointment was “important moment” for the dashboard scheme.
“This is a pivotal year for the project. As industry begins to create and test consumer-facing models later this year, Chris and his team will have a crucial role in agreeing data standards and developing the technical architecture underpinning dashboards,” he said.
Curry added: “I am delighted to have the opportunity to be involved in something as important as the pensions dashboard. Building on the success so far of automatic enrolment, pensions dashboards have the potential to improve retirement outcomes for many people.”
In April, work and pensions secretary Amber Rudd gave the green light for the long-awaited project to go ahead. She said the first industry models would come out later this year. The Department for Work and Pensions expects most pension schemes to launch their dashboards in three to four years.
Pension specialist at Royal London Helena Morrisey said Curry was “an excellent choice”.
“He is well respected throughout the industry and we look forward to working with him to make the dashboard a reality.”
The Money and Pensions Service is a new arms-length body combining the Money Advice Service, the Pensions Advisory Service and Pension Wise.