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Nutmeg tells pension providers to stop dragging feet on dashboard

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Nutmeg tells pension providers to stop dragging feet on dashboard

Pension providers need to stop 'dragging their feet' on creating a pensions dashboard, according to Nutmeg chief investment officer Shaun Port.

At the Budget in March, the Treasury told pension providers to build and design a dashboard that will allow people to view all of their pension savings in one place.

In September, 11 providers signed up to build the dashboard. 

Speaking at an event organised by asset manager BlackRock, Port (pictured) said providers needed to build the service quickly.

'It would be great if people could hurry up and get that delivered. My worry is that they are dragging their feet on it,’ he said.

Port said a dashboard would help people understand their pensions better.

‘I would love to see open data…pension providers saying what your pension is worth, what fees you are paying and what it is invested in. Open up that data,' he said.

‘That would give people a really good holistic picture of their investment portfolios but the pension providers are really dragging their feet. We want them to update their technology but a lot of them are still paper-based.’

However, Port warned that providers might still be slow.

‘The industry seems happy shifting paper around I don’t know why. I know every financial services business has had difficulty with this chopping paper.

‘State Street have been very open and honest about the challenges they said they send 50,000 faxes each month.’

He added that providers needed to make it easier to change pensions. 

‘We have some problems with banks being quite slow but pension providers are worse, they really get in the way of things like pension transfers. They take months over them and ask for lots of paperwork.’ 

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