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20 Apr 2017

New dashboard will help savers track their pension pots

A new ‘pensions dashboard´ due to launch in 2019 will enable people to see all their pension savings in one place.

It will bring together data from companies that run pension schemes, such as employers and insurance providers, as well as the Department for Work and Pensions. The aim is to offer savers a detailed breakdown of all their private and workplace pensions and state pension on a single page, making it easier to track their retirement savings.

The dashboard will show the names of the various schemes and how much money is in them, their estimated value at a particular retirement age, and an estimated value for the combined monthly or annual income in retirement.

Simon Kirby, economic secretary to the Treasury, unveiled a prototype of the dashboard last week and explained that there would not be a single way for people to access their own data. Instead, firms will be able to innovate to answer a whole range of users´ needs.

“These dashboards may be simple websites, plugins to your mobile banking app, or components of complex ‘robo-advice´ software,” Kirby said.

“And as technology continues to advance apace, I am sure there are uses and implications of dashboards which we haven´t even imagined.”

Consumer group Which? said that it lobbied for the government to introduce a pensions dashboard system to help savers make informed decisions about their retirement choices.

With the introduction of auto-enrolment for workplace pensions, more people are likely to be juggling multiple pensions throughout their careers — yet research by Which? research suggests that over a third of people approaching retirement age find it difficult to keep track of their pension pots.

The pensions dashboard should help to give savers a full overview of what pensions they have, how much they have saved and how much they will have when they retire.

Copyright © M2 Bespoke 2017

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