Pensions dashboard petition secures 125,000 signatures

A petition to save the Pensions Dashboard has has attracted more than 125,000 signatures, meaning that it must be considered for debate in parliament.

The petition is addressed to secretary of state for work and pensions Esther McVey and has called on the government not to “scrap” the project.

Last month, the Times reported that Esther McVey, who became secretary of state for work and pensions in January, “has moved to kill off the project” as she does not believe the service should be provided by the state, as reported by International Investment.

The petition criticises the decision, saying: “Without it millions of pension pots are at risk of being lost. Esther McVey wants to kill off the new government website which would help millions of people keep track of their pensions throughout their careers, because she thinks it’s not the government’s job.

“A huge petition signed by thousands of us will show the government we expect them to keep their promises and continue to roll out the pensions dashboard.”

Anthony Rafferty, managing director of Origio, the tech firm that successfully ran a test to accommodate 15 million active users of the dashboard, said the benefits of the pensions dashboard are “easily seen and have clearly struck a chord with people”.

“We at Origo have been passionate supporters of the pensions dashboard since the initiative was launched,” he said, “believing it is essential to help individuals engage with their retirement planning, particularly in the new pensions environment which was ushered in with the pensions freedoms.

“The pension dashboard is a superb opportunity for government and the industry to provide a simple way for UK pension holders in the country to track their pensions, understand their value and what that means for their future and where appropriate, to act on their data in their best interests,” he said in a statement.

According to estimates by the Department for Work and Pensions, 50 million pension pots will be lost by 2050 without an official website to help workers to keep track of savings through their careers.

ABOUT THE AUTHOR
Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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