Minister for Pensions and Financial Inclusion, Guy Opperman has revealed that new, free, user-friendly 'pension dashboards' will begin to be established from 2019 allowing people to access their information from most pension schemes in one place online for the first time. These pension dashboards will:
- Enable people to get accurate and easy to understand secure information about their pension
- Show people how much money they have in their pension pots and what they can expect to receive in retirement
- Help people be in control of their data and who can access it
- Assist people in finding 'lost' pension pots
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."
Work now begins by the government to seek views about what the new services will look like and how they will work in practice. It is envisaged that the protection of consumers and the safeguarding of data will be top priorities. The new plans have been warmly welcomed by a variety of stakeholders and pension experts.
Yvonne Braun, Director of Long-term Savings Policy at the Association of British Insurers, said:
"Today, pensions dashboards start moving from rhetoric to reality. Being able to access all your pension information in a single place will transform retirement planning for millions. Dashboards will also help reunite people with an estimated £20 billion in lost pensions money."
"The government is right to be preparing for legislation – all pension providers and schemes need to be involved, as well as the State Pension. We've been working hard for more than 2 years with our members and partners to lay the groundwork but there's a huge amount still to do. We're excited to get on with the next phase, and to being joined by all parts of the pension system."
Nigel Peaple, Director of Policy and Research, Pensions and Lifetime Savings Association, said:
"The publication of the feasibility report is a significant step forward for the dashboard project. Pensions dashboards will be an essential tool to help savers plan for their retirement. There are a number of important questions which will need to be worked through, such as on governance, compulsion, regulation, the timetable and funding. We look forward to working with the industry, savers and the government to make a success of the dashboard."