Following months of speculation, the project to create Pensions Dashboards is firmly back on the agenda. The Department for Work & Pensions recently published a feasibility report confirming that the government will facilitate an industry-led programme to make the concept a reality.
Pensions Dashboards will allow UK pension savers to see details of their State Pension and other pension pots online. The aim is to save people the time involved in contacting multiple pension scheme providers for valuations. Dashboards could also reduce the number of people who lose touch with their pension schemes.
It is hoped that having up-to-date information may increase the amount people save for retirement. When they see projections confirming they aren’t saving enough, they might be more likely to act. With a recent survey finding that 24% of people admit to not saving anything for retirement, that would be a good thing.
The government announced extra funding of £5 million in the October 2018 Budget, confirming its commitment to the concept. The industry then urged Amber Rudd, the new Secretary of State for Work and Pensions, to prioritise the project.
Last month’s publication of the feasibility report is being followed by an eight-week consultation period. Retirement Line will provide what we believe will be valuable information to help inform decision making.
The government then expects the new Single Financial Guidance Body to oversee an industry group through to implementation of the Pensions Dashboards.
Retirement Line is involved in the project, with representatives of our IT team among members of the Origo Process and Standards group. Origo is one of the key development partners and is heavily involved in delivering the Pensions Dashboards project. Origo will have a direct impact on how the Dashboards will work, including the way that information is kept secure.
Anthony Rafferty of Origo says: “There is no doubt in my mind that the Pensions Dashboards will be instrumental in helping people to become more engaged with their pensions and also their retirement planning. With suitable controls and combined with education, guidance and advice, this initiative will be a massive catalyst to help consumers prepare for and, equally importantly, enjoy their retirement."
If you have a pension fund available and would like information about how much guaranteed income for life an annuity could provide, we can help.
In the meantime, if you would like information on the estimated income your pension pots could generate in the future, or help to locate all your pots, we would be delighted to assist.
Please contact us on 0800 652 1316 or email firstname.lastname@example.org to talk to one of our Annuity Specialists in confidence with no obligation.