The Association of British Insurers (ABI) has said there is “no credible reason” for the dashboard to be killed off, a letter to the Work and Pension Committee has revealed.
In an urgent letter sent to the Committee yesterday, 18 July, ABI director general Huw Evans said that given the extent of the collaborative work already given to the project, it is important it is “not halted at the 11th hour”.
Yesterday, Pensions Minister Guy Opperman refused to address speculation over the future of the pensions dashboard, after reports that the Secretary of State for Work and Pensions Esther McVey was looking to “kill off” the platform which she believes should not be provided by the state, and that it will distract from the government’s attempt to implement universal credit.
The letter to the Committee said: “The Department for Work and Pensions is the largest department in Whitehall and is funded by the taxpayer to do more than one thing at a time.
"There is no credible reason why this project should not be proceeding at pace given the work already done and the high levels of support from the industry, from your Committee and from consumer groups.
“We would be grateful for any further support you can provide in ensuring this key project is not halted at the 11th hour.”
The ABI was responsible for testing a prototype project for the dashboard for HM Treasury and DWP which found it both “technically viable and clearly in consumers interests”.
Furthermore, the ABI argued that it is in the public interest and doable with minimal operational risk.
The DWP estimated that 50 million pension pots will be lost without the dashboard by 2050, while an estimated £3bn is already being held in lost pots.
The DWP was due to release a feasibility study on the dashboard in April, however friction between the industry and the government over whether it was going to be a single dashboard or a multiple dashboard and debate about who is going to pay for the project has meant it has been delayed.
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