The pensions dashboard was first announced in the Budget 2016 and it’s aim is to allow savers to see all of their pension in one place, helping them to plan for their retirement more effectively. When you consider that an individual has an average of 11 employers over their working life, there is the potential for some to want to view a dozen or more private pension schemes.
The aim is that after March 2017, one click will be all that’s necessary to access a persons pension portfolio. The Government points to technology, like mobile phone apps, which have made day-to-day banking easier than it’s ever been and it is time for pensions to catch up. Such technology could be utilized to allow an individual to compare their pension pots at the touch of a button.
The pensions dashboard also aims to also provide a link to “lost” pension pots with previous employers and could help release the £400m-worth of pensions savings that the Department for Work and Pensions (DWP) estimates are currently unclaimed.
Between now and March 2017, the Department of Works and Pensions will be working with many of the major pension providers to design and pilot the pensions dashboard.