A small amendment to the pension schemes bill on 8 June has been labelled ‘significant’ in meeting criticism of the pensions dashboard and could confirm a ‘water-tight’ commitment to run a single dashboard.
The People’s Pension director of policy Gregg McClymont said the amendment made by Lord Young of Cookham to clause 122 of the bill this week would oblige the Money and Pensions Service (Maps) to provide a single dashboard and see out terms laid down in the clause.
McClymont said the wording within the clause was changed from ‘may’ to ‘must’ regarding specific functions and delivery of the dashboard, confirming Maps would have to take the approach outlined in the clause should the bill be passed without further amendment.
Clause 122 of the bill states that as part of pensions guidance function, a single financial guidance body must provide information about state pensions, basic and additional retirement pensions, and state pension information relating to an individual by means of a pensions dashboard service.
McClymont said: “This is very welcome and suggests that cross-party support is building to ensure that a commitment on government to deliver a single dashboard is written into law. The public – as the government’s own research confirmed – is more likely to trust a non-commercial dashboard model.”
The pension schemes bill passed its second reading in the House of Lords on 29 January despite questions over the breadth of government powers.
McClymont added: “There was much criticism of the dashboard clauses during the bills Lords second reading and it is notable that a senior government peer has now tabled an amendment to try and ensure the bill contains a water-tight commitment to publicly run single dashboard.”