The Economic Secretary to the Treasury, Simon Kirby, has announced that a prototype of the Pensions Dashboard will be ready by March 2017.
The Treasury has successfully secured agreement from eleven of the largest pension providers, namely Aviva, Aon, HSBC, LV=, NEST, Now: Pensions, People’s Pension, Royal London, Standard Life, Zurich and Willis Towers Watson, to build the first prototype of its kind in the UK. The ABI has also agreed to manage the pilot project.
The Pensions Dashboard is a platform that lets savers see all their pension pots in one place and will help them to plan for their retirement more effectively.
All in one place
On average, a person can have 11 employers over their working life, which means that they could end up with almost a dozen private pensions by the time they retire.
At the moment there is no way for people to see the value of all of their pensions in one place and research has shown that over a third of people approaching retirement find it difficult to keep track of their pension pots.
The pensions dashboard aims to also provide a link to “lost” pension pots with previous employers and could help release the £400m worth of pensions savings that the Department for Work and Pension estimate are currently unclaimed.
It could also prompt people to seek advice as to whether their pension savings are in the best place.
The Economic Secretary, Simon Kirby, said: “Pensions and savings decisions are some of the most important a person will make during their lifetime. The government is determined to make sure people can access the information they need to plan effectively for their future.
“Technology, like mobile phone apps, has made day-to-day banking easier than it’s ever been and it is time for pensions to catch up. Think of a future where you can compare your pension pots with the touch of a button.
“The Pensions Dashboard will unlock a huge amount of information that will help people make the best choices for them and I am delighted that eleven of the largest pension providers have agreed to work together to build a working prototype by March 2017.”
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