Private pensions have been transformed by automatic enrolment, which is a social reform of which all Members should be proud. It involves behavioural economics and nudge theory. In my hon. Friend’s constituency, 30,000 eligible jobholders have been automatically enrolled and 2,310 employers have done their duties.
I am delighted with the Government’s progress in helping people to save for retirement, particularly through lifetime ISAs and workplace pensions. Does my hon. Friend agree that, given the open banking initiative and the pensions dashboard, the FinTech industry can help to nudge people to save more and create greater competition in the private pensions sector?
The pensions industry can and should make the most of the opportunity presented by FinTech. We believe that if it is to succeed, it will be vital for industry and Government to collaborate in the development of the pensions dashboard. As others countries have shown, pensions dashboards are a fantastic way of giving people access to pension information in a clear and simple form, bringing together an individual’s savings in a single place online.
Young? You flatter me, Mr Speaker. I already had my excuse: I was going to say that we were all taking a close interest in the Windsor constituency at present. My particular interest, in relation to Windsor pensioners, is in the fact that they are being held back by a lack of knowledge about their pension provision. Does my hon. Friend agree that a properly constituted pensions dashboard would encourage pensioners to take their own fate in their hands, and would encourage accountability?
It is true that Windsor is the centre of the universe, and we should all congratulate Prince Harry and Meghan on their marriage at the weekend. It is also true that Windsor, and all parts of the United Kingdom, will benefit from the pensions dashboard. The internet has transformed travel, insurance and other businesses when they have gone online, and we believe that when the pensions industry comes out of the Victorian age and goes online, there will be great progress for everyone.