An online pensions dashboard could be the single most effective tool in ensuring UK adults receive an adequate income in retirement, the Institute and Faculty of Actuaries (IFoA) has said today.
The institute argued that pension freedoms introduced in 2015 mean more people are taking responsibility for their own saving, and that these individuals need all the help they can get.
The shift from defined benefit to defined contribution pensions has also moved risks and responsibilities from employer to employee, further strengthening the need for a dashboard.
This follows reports last week that the government may abandon the project, which would allow people to view all their pension savings in one place online, including the state pension.
"The pensions dashboard is an open goal for the government," IFoA immediate past president, Marjorie Ngwenya, said.
"Given the changing pensions landscape, it's more important than ever that government continues to work with industry to make this tool a reality."
The creation of a pensions dashboard was originally announced by the then chancellor George Osborne in 2016, who said it would be up and running in time for 2019.
However, reports suggest that works and pensions secretary Esther McVey believes the scheme could distract from the rollout of Universal Credit, and should not be provided by the state.
An online petition has since received more than 87,494 signatures urging the government to push ahead with the dashboard, highlighting how 50 million pension pots could be lost by 2050 without it.
This comes after research found that approximately eight in ten British adults are not confident that they are saving enough for retirement, equivalent to 30.4 million people.
"A pensions dashboard is an essential tool to help people understand their financial situation and calculate what kind of lifestyle their retirement income will offer," Ngwenya continued.
"We also recommend a version of the dashboard is housed in a neutral place online, and that it is also able to signpost people to further information and tools to help them plan for retirement.
"The launch of the new Single Financial Guidance Body provides a perfect opportunity for the government to set out its plan for pensions communication in the UK, and the dashboard should form an integral part of this".
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