Pensions dashboard set to launch next year
The first version of the long-awaited 'pensions dashboard' – which will allow savers to access info from most pension schemes in one place online – should be ready to launch next year, the Government has said.
The pensions dashboard is an online tool that will show users facts and figures about their pension, such as how much they have in their pension pots and what they can expect to have to live on in retirement.
The scheme has been in the pipeline for a long time, but earlier this year, there were fears it could be killed off after reports that ministers had doubts about the project.
Now the Government says it is seeking views about what the new service will look like and how it will work, before a launch which it says is planned for 2019.
For more on saving for your retirement, see our Personal pension need-to-knows.
What will the pensions dashboard do?
The Government says that the pensions dashboard will:
- Give people accurate, easy-to-understand, secure information about their pension.
- Show people clearly how much they have in their various pension pots and what they can expect to have to live on in retirement.
- Allow people to control when and how they check their data and who has access to it.
- Help people to find 'lost' pension pots.
The Government says after the first version of the dashboard is released – hopefully in 2019 – further improved versions will follow in the future.
You can contribute to the consultation on the future of the project on the Gov.uk website.
What does the Government say?
Guy Opperman, Minister for Pensions and Financial Inclusion, said: "Pensions dashboards are another major milestone in our radical pension reforms, harnessing innovative technology to benefit savers.
"Plain pensions information at the touch of a screen will ensure better-informed, more engaged savers and help many more people to plan effectively for retirement.
"Bringing pensions information into the digital age has the potential to revolutionise the way we all think about and plan for later life. People, young and old, should have all the help they need to get ready for retirement and maximise their pension incomes and, working with industry, we will ensure they do."