/ 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

It is about time now all they have to do is pay the pensions to all the woman who lost out due to them moving the gold posts for all them born in 1954 come on which keep fighting for all our rights

Penelope Marsh says:
9 April 2019

… and not just those born in 1954… many (like me) born in 1953 had our state pension date (+ bus pass, winter fuel allowance etc) moved forwards 5 years and 3 months from 2013 to 2019 with less than 18 months notice!

Peter Hogan says:
9 April 2019

Great idea – if the government can be trusted to follow it through and if they don’t get kicked out first !!!

Geoff says:
9 April 2019

A central point from which to access all one’s pensions sounds great and the ‘dashboard’ idea sounds brilliant. But only in theory. Unfortunately, many government ideas are driven by people who are big on concepts but have not the faintest idea how to implement. Witness such things as Universal Credit, NHS IT system(s) and, of course, Brexit. The pension dashboard is a great idea but it could also be a brilliant way for hackers, scammers and dupers to garner yet more financial and personal information about people – and very conveniently it will have been assembled in one place! What guarantees will there be that this will be impossible? (Unfortunately, no sensible person can ever guarantee such a thing.)

At last this will make it a lot easier to check your pensions. how about campaigning to get the 50s Ladies there pensions back that they have been robbed of… 1955 worked from 15 just to get told I had to work 6 years longer with not enough time to make other arrangements. please WHICH fight for this to be put right.

Penelope Marsh says:
9 April 2019

Sorry but as a skeptic by nature – it’ll also be a great means by which government can keep an eye on how much we’re all worth eh?

C. Jay says:
9 April 2019

Its about time they did something, but its too late for those who lost their final pension salary, due to last labour government after Gordon Brown plundered the surpluses in them, Some were lucky in the fact that they went into the PPF, so they did not lose everything. But many have been pushed into pension poverty by the actions of Blair Brown and Co, but nothing has ever been raised about it. Can this lot be trusted do do anything??, they still tax the pensions don’t they. I wonder!!

Owen says:
9 April 2019

I was an elected Trustee for years, I spent most of my time trying to stop the company stealing from it. Be it dodgy auditing, producing false surpluses and allowing the company pension contribution holidays or back tracking on commitments, nearly all companies were at it. This was way before Gordon Brown’s tax on pension dividends and that really only highlighted what a terrible state most schemes were in. Mrs Thatcher’s earlier continued reduction of SERPS pushed most people into these company schemes. They reduced the employers NI payments and were secured on the continue growth of the stock market, as were endowment mortgages at the time, both ending in disaster. The present Government allowing the selling off of pensions for lump sum payouts is not going to end well either.

Good idea but we should not be to hopeful about outcomes. Its difficult to get this info together but even more difficult to get people to read about pensions.
Like the women who think they were robbed of pensions but were told about this 20 years ago.

Penelope Marsh says:
9 April 2019

Yes today’s young women have many years to save for private pensions to top up or substitute for state pension but we 1950s ‘baby boomers’ who KNOW we’ve been robbed of our state pensions had no notice whatsoever just told to get out and find a job – or “re-train” – ha ha

Well done to the Consumers’ Association for following this through. Such an obvious initiative.

Bob says:
9 April 2019

Women’s Pension Age

Nobody complained when men had to work to 65 and women only to 60.
Especially when men died earlier than women.
Equality now?

Colin says:
10 April 2019

Funnily enough, I remember our class having a discussion on this subject when I was at primary school in the late 1960s – we were all shocked at the inequality, and it was clear even then that things would have to change. But successive governments of both parties put off making unpalatable decisions about pension age for far too long, until it reached a stage that action was unavoidable. While I agree that reform should have started much earlier and been phased in gradually over a longer period, the writing has been on the wall for many years. What was obvious to a class of primary kids 50 years ago should have been obvious to all working women – for decades pension age was one of the few areas where women enjoyed an unfair advantage, and as other inequalities were removed, so they should have been prepared for this change.

My pension situation ids pretty straightforward so this isn’t for me but I appreciate that many people do have complex pension arrangements accumulated over their working life.
My personal priorty is to get an urgent revision of the changes to stete pension age that have affected many 50s born women so badly.

Great Idea. I am nearing retirement in 2 years. Hope this is active by then

Great idea – would have very useful to me 4 years ago gathering up all my pension pots

Rodger Williamson says:
9 April 2019

Good to see but is there anyone out there with the ability to put the whole thing together and not the disasters such as the benefits system and the great NHS c**k-up.
I have my doubts but hope for the best.

Female Born 1952 worked and paid all my life no children still didn’t get full pension and had all of what you are experiencing now, Delayed retirement and lower pension, caught in push for Workplace pensions wasted my money on that scam.

Joy Miller says:
9 April 2019

The pension dashboard is a good idea. At a time when people have more than one or two jobs over their working life, it is important to have a one stop shop to be able easily see their pension contributions.

John Belcher says:
10 April 2019

Don’t like the idea people’s finances should be personal and private this opens them up to the criminal world.

Not before time. Pensions are a minefield anyway in my opinion. I, like thousands upon thousands of other women have had the goal posts moved and done us all out of thousands of pounds, how can this be allowed?

Plan for your retirement, how can that happen in todays world?

I can this this idea might be useful, as we continue to move further away from a culture of “jobs for life”, so that, instead, we typically have to work for many different employers over our working lives.

That said, I wonder if the infrastucture and administration costs will be “value for money” or a burden that would just serve to diminish pensioners’ incomes.

I also worry about the baseline aspiration of making the data accessible via smart phones. Although I accept that smart phones are now the “lowest common denominator” within home computing platforms, I do find that their small screen sizes and hard to use interfaces make them very difficult to use for anything other than the most basic of operations. Furthermore, not least among the elderly, the ownership of smart phones (and other types of home computers) is far from universal.

Jill Naylor says:
10 April 2019

Hate to say it but the changes to men and women’s state pension ages were announce several years before implementation so I don’t understand why women are saying they had no notice of it. Rant over, the dashboard is a good idea if it actually happens.

alexandra Marshall says:
10 April 2019

I agree with G. Please Which please campaign for all of we women who were appallingly discriminated against when raising the pension ago by as much a 6/8 years in many cases. I think we women should take this government to court for sex discrimination. The male minister who brought this measure in is now enjoying his unearned retired

Jennifer Dove says:
10 April 2019

This sounds to be a good idea and would be very helpful to people planning their future!