Pensions Dashboard
Debate between Julian Knight and Matthew Offord(5 years, 10 months ago)
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Dr Matthew Offord (Hendon) (Con)
I beg to move,
That this House has considered the pensions dashboard.
It is a great pleasure to serve under your chairmanship, Ms Ryan. For many people—particularly younger people—pensions are not a priority. In the early years of anyone’s career, their financial demands usually concern paying off student debt and paying for accommodation, mortgages and travel, no doubt with a bit of socialising thrown in. Only when people gain responsibilities such as a partner, a spouse, a mortgage or children do their minds turn to providing for the future.
Some people are fortunate enough to be provided with a pension through the terms of their employment. That is particularly true for those who work in the public services. Unfortunately, in the past, those who worked for private employers and the self-employed were unable to access the same financial products. There were a variety of reasons for that, including affordability, knowledge of pension products and simple ignorance about how to start a pension. I am pleased that the Government have addressed those problems and that in order to allow employees—our constituents—to understand the level of their pension contributions, the Department for Work and Pensions has proposed the pensions dashboard, which we are speaking about today.
A pensions dashboard is an online service that allows people to see information from multiple pensions all in one place. It is a welcome step towards better financial awareness for everyone.
Julian Knight (Solihull) (Con)
I congratulate my hon. Friend on securing the debate. The fact that it is so well attended shows exactly how important the subject is to our constituents. My hon. Friend will probably recognise that when the pensions dashboard was first suggested, it was seen as something that might not happen, but now we are on the cusp of it. Does he agree with me that it would be good to see such data sharing across the whole financial services industry? It benefits consumers and gives them power over their own information.
Dr Offord
My hon. Friend is entirely right. I certainly would like to see that across a range of financial instruments. Recently, I was required to find the level of my ISA trust fund. In the past I would receive a statement only every six months, but nowadays I can go online and use my PIN to verify my identity and see my daily amount. I can see the value of my trust fund here today. When I say trust fund, I mean the one I have paid into over the years, rather than one that was provided by my parents.