One-stop shop for pensions – The Pension Dashboard!

Date posted: 15/03/2019. Author: Mollie Hawes

 

In the 2016 Budget, the Government proposed to create an online platform to allow people like you to view all of your hard-earned pension savings, in one place. Sounds great right?

However, the Dashboard is still a prototype project, with a current target to launch in 2019. It aims to work collaboratively across the industry to create an overall view to help you prepare for and make effective financial decisions about your future.

What’s the point?

On average, UK employees have 11 jobs during their lifetime, which means you could potentially have 11 different pension pots. What’s more, it then becomes difficult to calculate how much money you could have in total when you reach retirement.

We all know the importance of planning ahead and having a realistic idea of the bigger picture, so a one-stop-shop like the Dashboard could be the way forward. It’s been suggested by industry experts that providing you with a complete view of cash will encourage a more proactive role in your own retirement management, will motivate increases in contributions and can provide a better understanding of what you could have when you stop working.

How will it work?

Julie is nearing retirement and has lost track of a couple of her pension pots from previous employers and has changed address over the years.

  • She uses her GOV.UK information to log into the Dashboard and she chooses Experian as her trusted identity provider. She gives consent to her personal details being shared with pension providers, finder services and accepts the privacy policy before continuing.
  • Once complete, Julie can click a button which will communicate with various parties including the Department for Work and Pensions and the pension tracing service. They use her name, date of birth and National Insurance number to locate any lost pension pots and these will all be brought together in the Dashboard so that she can see her separate pension pots in one place.

The Dashboard is still in development, but in the meantime, you should be proactive and use the pension tracing service (www.gov.uk/find-pension-contact-details) to track down those stray pension pots you may have.

For more information about the Dashboard, you can check out the project’s website at https://pensionsdashboardproject.uk/

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