Insurer speaks out for consumers
Loney urges McVey to save pensions dashboard
Phil Loney: government should take a lead (photo by Terry Murden)
Royal London chief executive Phil Loney has urged the UK Government to save the proposed ‘pensions dashboard’ project.
Amid speculation that the Department for Work and Pensions may scrap the project, Mr Loney says the government needs to take the lead on widening pensions data to the customer.
A petition has attracted more than 125,000 signatures since its launch last month urging Pensions Secretary Esther McVey to stick with the plan.
In comments accompanying Royal London’s half-year figures, Mr Loney says: “The UK pensions system is highly fragmented and auto enrolment will add further to the number of people with pensions scattered across multiple schemes and providers.
“In many other countries citizens can see all of their pensions – state, workplace and private – all in one place, and there is no reason why UK citizens should not be able to do so.
“The industry has already shown its commitment by spending time and money preparing a prototype dashboard.
“We need Government to take a lead, both in ensuring that state and public sector pension data is available and also in requiring all pension schemes and providers to supply data.
“Only the Government can do this. It is time to put the consumer first and press ahead with the dashboard project, and we stand ready to work with the Government to drive this project forward.”
Royal London is Britain’s biggest mutual insurer and embraces the legacy brands Scottish Life and Scottish Provident. It consolidated its record 2017 trading position with EEV pre-tax profit up 9% to £358m, reflecting an operating profit of £187m in the first six months of the year.
Mr Loney said: “Sluggish economic growth and the ending of the auto enrolment roll out provided a challenging backdrop for pensions and investment companies in the first half of 2018.”
Overall Pensions new business sales came in at £5.4bn (HY 2017: £5.4bn).