Central dashboard for all your pensions
Pensions have always been complex. Keeping track of those savings is a significant barrier to effective financial management. The pensions landscape is also evolving, with increased longevity, lower guaranteed pensions and rising consumer expectations.
A working adult, on average, may have 11 different jobs during their working life. This could mean up to 11 different pension pots, together with the state pension. At present, it is estimated that £400m of pensions are unclaimed!
During the 2016 Budget, the Government made a commitment that a Pensions Dashboards would be created by the pensions industry enabling everyone to view details of all of their pensions together. The Government has indicated that every provider will eventually move to share data with their customers this way.
The Pensions Dashboard Prototype Project was launched in September 2016. It is currently being demonstrated to Government, industry and other stakeholders as an important step before delivering services by 2019. The Government are now currently undergoing a consultation, which closes on 28th January, to seek views on how the pensions industry can create online pensions dashboards.
It is hoped that Pensions Dashboards will:
- Give people accurate, easy to understand, secure information.
- Show people clearly how much they have in their pension pots and what they can expect to have to live on in retirement.
- Allow people control of when and how they check their data and who has access to it.
- Assist people in finding ‘lost’ pension pots.
We will, of course, keep you updated as things progress but see this as a positive move towards clients being able to take more control and view their pension holdings in one easy to access place. With low interest rates and increasing longevity engaging with retirement planning has never been so important.
If you would like to discuss your pensions or any area of financial planning, please do not hesitate to contact our team on 01903 234094.