But Armitage said the NPT was also concerned the way in which the pensions dashboard would disallow forms of data exporting. Under the proposed FCA rules, there would only be two places where the user could export their data:
- To themselves
- To the dashboard provider (or firms in the same group with permission to give investment advice).
According to Armitage, this could put occupational schemes at a disadvantage.
He explained that the proposed approach risks creating a two-tier system between master trusts and other FCA-regulated entities.
Armitage added: "Given the tools and calculators offered by occupational pension schemes, we would like to see export of data from the Pensions Dashboard Service allowed to occupational schemes authorised by The Pensions Regulator where they use the services of a regulated PDS through a third party, as would be the case for an FCA regulated entity that is also offering a PDS.
"Many pension savers have a strong connection with their occupational pension scheme and use tools, calculators and financial wellbeing services supplied free of charge by their scheme to help them plan.
"Not allowing members to export data into these tools and calculators risks undermining what we are trying to achieve in helping savers plan for their retirement and, in our view, is a missed opportunity in the construct of the dashboard regulatory environment."
Have your say
What's your view on the pensions dashboard? Email the editor on: simoney.kyriakou@ft.com
