I am extremely concerned at reports that the current Secretary of State for Work and Pensions is considering scrapping plans for a pensions dashboard.
The SNP have supported the principle of a dashboard which brings together information about people’s retirement savings, including their state pension. This would make the pensions market a lot easier to navigate for consumers, and would ideally encourage people to interact with their pensions at a much younger age than post 55.
Reports that Ester McVey believes this is not a service that should be provided by the state are very troubling. Everyone should be able to access such an impartial service, in the same way that they can currently access the Pensions Advisory Service. Being able to effectively plan for retirement should not be a privilege of the few who can afford expensive financial advice.
We would strongly oppose any moves to scrap the introduction of the pensions dashboard, and will continue to press the UK Government on this iss.
If the Scottish Parliament had the power to do so, it would create a pensions system which puts the consumer at the heart of all policy-making, providing support to make retirement planning simple and affordable.