13th September 2016
The Treasury has announced the first prototype of the Pensions Dashboard will be ready by March 2017.
Some of the largest pension providers will build the prototype while the Association of British Insurers (ABI) will manage the project.
The Pensions Dashboard was announced in Budget 2016 and will allow savers to see all of their pension pots in 1 place.
According to government research, a person on average will move employers 11 times over their working life, meaning they could end up with several private pensions by the time they retire.
Over a third of people approaching retirement find it difficult to keep track of their pension pots.
The Department for Work and Pensions currently estimates that that there is around £400 million in unclaimed pensions savings. It is hoped the dashboard will combat this by making it simpler to manage a range of different pension schemes.
The Economic Secretary, Simon Kirby, said:
“Pensions and savings decisions are some of the most important a person will make during their lifetime. The government is determined to make sure people can access the information they need to plan effectively for their future.”
Yvonne Braun, ABI director of policy, long term savings and protection, added:
"Given our ageing society, it’s essential that we engage people in their long-term savings. The Pension Dashboard can help tackle under-saving as well as help savers locate lost pension pots, and empower them to get financially prepared for retirement."
Talk to us today about retirement planning.