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The Actuary The magazine of the Institute & Faculty of Actuaries

Pensions dashboard plans unveiled

The UK government has today unveiled plans for a series of pension dashboards that would allow millions to keep track of their retirement savings easily online.

Pension dashboard a "major milestone" ©iStock
Pension dashboard a "major milestone" ©iStock

It is hoped this will let savers see exactly how much money they are likely to get in retirement “at the touch of a screen”, and help recover up to £20bn in ‘lost pensions’.

The first dashboard is expected in 2019 after a feasibility report was published today, with more likely in the following years once the necessary consumer protections are in place.

Pensions minister Guy Opperman described the plans as a “major milestone” that would help improve retirement planning and result in more engaged and better-informed savers.

“Bringing pensions information into the digital age has the potential to revolutionise the way we all think about and plan for later life,” he continued.

“People, young and old, should have all the help they need to get ready for retirement and maximise their pension incomes – working with industry, we will ensure they do.”

The government is now seeking views about how the new services will look and work, and said it plans to include state pension information “at some stage”.

Development and design of the dashboards will be industry-led and facilitated by the government, which said it could legislate to ensure schemes provide pension data via the online service.

The Institute and Faculty of Actuaries (IFoA) previously said that an online pensions dashboard could be the “single most effective tool” for boosting retirement income.

It argued that savers need more help after pension freedoms were introduced in 2015, and that a shift to defined contribution schemes also reinforced the need for dashboards.

The Association of British Insurers’ director of long-term savings and policy, Yvonne Braun, said it was important for all pension providers to help develop the service.

“We’ve been working hard for more than two years with our members and partners to lay the groundwork but there’s a huge amount still to do,” she continued.

“We’re excited to get on with the next phase, and to being joined by all parts of the pension system.”

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