/ Money

First pensions dashboards expected this year

With workers averaging 11 pension pots over their lifetimes, a dashboard gathering all that information into one place could be a game changer.

Update: 05/04/2019

The Department for Work and Pensions has now confirmed that the first industry dashboards are expected this year.

It’s encouraging to see the important recognition that all schemes must be included in dashboards, allowing consumers to finally see all of their pots in one place – so the Government must introduce legislation to ensure this is achieved.

We welcome the crucial commitment to including the state pension.

Dashboards won’t be complete without this vital component so it must be included at the earliest opportunity.

Every dashboard must display all the important information consumers need in a clear and accessible way, allowing them to easily understand their pension savings and the costs involved.

The delivery group has been tasked with some massive decisions that will determine the dashboards’ success – so we must see a clear commitment to delivering consumer-friendly tools within a swift timeframe.

Update: 03/12/2018

With the news that Theresa May has given her backing to new pensions dashboards which will enable people to check their future retirement finances on mobile phones and tablets, we’re welcoming steps towards achieving what could be a game-changing improvement to the way people manage their pensions.

Jenni Allen, Managing Director, Which? Money said:

Every dashboard must display all the important information consumers need in a clear and accessible way, allowing them to easily understand their pension savings and the costs involved.

It’s crucial that all schemes are included, alongside the state pension, so that savers are able to make informed decisions about their retirement savings and plan their lives accordingly.

Original Convo (01/08/2018)

The pensions dashboard would allow people to see all of their pension pots in one place. It could be a vital tool in helping people make informed decision at retirement. And it would be a game changer for the way consumers interact and engage with their pensions savings.

But worryingly, recent reports suggest that the entire project could now be at risk.

Retirement decisions can be one of the most complex decisions that we make in our lives and often the information that we most need is not readily or easily available.

We know that nearly half of those over 50 (47%) are not sure of the value of their pensions savings, and over a third of people (37%) approaching retirement find it difficult to keep track of their pension pots.

We’ve been calling on the Government to swiftly introduce a pensions dashboard to help ensure consumers are making the most of their retirement savings.

As a result of our campaigning, the government committed the pensions industry to deliver the project by 2019 with a feasibility study setting out the direction for the project expected this Summer.

However, ourselves, the pensions industry and other charities have raised serious concerns about reports that the project could be delayed or scrapped completely.

Failing to give the dashboard the greenlight would be a huge missed opportunity to really empower consumers to take control of their financial future.

Even a slight delay could mean thousands of consumers are left without adequate information about one of the most crucial decisions of their lives.

Demanding action

Successfully introducing a pensions dashboard will be vital for everyone who is saving for their retirement. We want a dashboard that is transparent, trustworthy and comprehensive and we need strong leadership from Government to help deliver it.

As more and more people are being auto-enrolled into a workplace pension, it is now more important than ever that the Government remains committed to the dashboard.

We are calling on the Government to stick to its promise and act now to ensure the pensions dashboard fulfils its potential to boost consumer engagement, transform the sector and help people make informed decisions that will guarantee a comfortable retirement.

Do you find it hard to keep track of your pension pot? Are you aware of its value? Do you agree the system is confused and requires reform?

Comments
Georgy says:
10 April 2019

I have a good idea about my pensions but I’m sure I’ve lost track of one in my earlier years. I am hoping this all gets sorted before I pass away.

Brian Crowe says:
11 April 2019

To have all of ones pensions listed in one place makes great sense. I had great difficulty in tracking down a pension that I was entitled to from a company that I left some 45 years ago. If it was not for the tenacity of a Mr. John Watkins of the Pensions Advisory Service this would have been lost.

Philip Sowden says:
13 April 2019

I retired 5 years ago when you had to buy an annuity, and because of Governement policies interest rates had been fixed at an artificially low level for many years. My pension was much lower than I had expected and despite having saved over £100000 the annuity was pitifully low. This compares unfavourably to Interest I have paid (mortages and loans) over the past 50 years which had been as high as 16%! Until government will guarantee long term interest rates I would advise people to invest in other areas, property would be my recommendation!

J Seaborne says:
14 April 2019

Brilliant!! Well done all of you at Which?

Farky1955 says:
15 April 2019

To have all my pensions in one place would be amazing. I have a few pensions that I have paid into over the last 40 odd yeays. There are a couple that the companies are no longer there now, so having difficulty finding my pension. I have also been recently trying to track down my pension from a very large company, still in existence, whom I had a pension with, and they say they have no knowledge of my existence, even though I have sent them my details, My dept no, personal no., when I started the company etc. This is making me very frustrated,

Vic Williams says:
15 April 2019

What a great idea. I am sure that millions are lost in forgotten pension schemes by people who have changed employers several times.

Caroline Bowyer says:
27 May 2019

I once transferred a pension over when I moved on into a new job and I really lost out financially and wish I left it where it was. My question to ‘Which,’ I’m assuming this is not something that is going to happen and is completely different when gathering them altogether? I hope so, as people have always had the option to transfer their past pensions over into one, or their present position?