Today, Friday 20 January, Mary Robinson MP welcomed the passage of her Pensions Dashboard (Prohibition of Indemnification) Bill through the House of Commons.

This important bill will increase protections for pension savers by making a criminal offence for pension scheme managers or trustees to use the assets of these schemes to reimburse themselves should they incur penalties imposed under the pensions dashboard regulations. 

Pensions dashboards are an electronic communications service that will revolutionise the way people interact with their pensions by allowing individuals to see their pensions information, including the State Pension, in one place online—at the touch of their laptop, smartphone or tablet. The Pensions dashboard service will be made available to the public following the successful connection of pension schemes to the technology.

The Bill will now go to the House of Lords, where it must complete all stages there before receiving Royal Assent.

Mary Robinson MP commented “I was delighted to see this Bill pass with cross-party support. This is a simple, yet important measure designed to safeguard the interests of pension savers by ensuring that unscrupulous trustees or managers of pension schemes do not help themselves to the hard-earned savings of pension scheme members when fined for violations of the pensions dashboard regulations.”

With the success of auto-enrollment, and millions more saving for retirement, pensions dashboards will be a game changer in terms of pension transparency and retirement plans.

You can view the Third Reading debate here: https://parliamentlive.tv/event/index/3b568057-09ce-4e86-8e38-bb3318d45…