Richard you are right. No turning back now on pension dashboards!
It is of course more than pension dashboard’s consistency that is in question. If the projections for the pension we are going to get for pensions expected from DC pots under the FCA are different from the pensions expected from a TPR pot , what will the saver make of that? What will anyone reads a paper or googles “how do they work out the pension that I’ll get?”
FC 24/3 is the FCA paper that starts….
That paper’ consultation finished on the 27th February this year and the closure of work on the dashboard closes on the end of October next year.
The FCA should go live some time after next October, in 2027 we hope very much.
One thing that’s going on now is that consumers who are doing testing – good news on design I hear from Richard and good news from the one person I know who has tried the dashboard on his stuff – Chris Currie. But is this enough testing if “consumers” find that some pots are rolling under TPR SMPI regs and under FCA COBS 13 roll up rules.
I won’t go into the detail but it depends if your pot is contract or trust based and how many consumers know that, how many care and how are they going to feel if they are told they are giving them different results to each others?
Richard has made it clear where the confusion is likely to arise
It’s not the fact that an anomaly exists (they always arise) but that the FCA think this is too much of a problem to tackle in the minimum ten months and more likely the much longer.
I guess there is a political angle behind this , depending on whether you think pensions are wealth or retirement income, whether you are Treasury of DWP , whether you are FCA or DWP. But this is where Government needs to be big and make a ruling. We simply can’t have two sets of rules governing what we are told we can expect, rules that are different and most like give us different rules.
Comparisons matter to people; simple comparisons that measure VFM in a fair way; telling them what they can expect, in a way they can trust.
This illustration was published in 2017 by Money Marketing – it was what we were supposed to get away from!
