Pensions dashboards gets the green light


April 2019’s DWP Touchbase leaflet explains that the secretary of state Amber Rudd unveiled proposals on the 4th of April 2019 designed to support industry to “deliver free, user-friendly services showing people their pensions information online”.  This followed the responses to the consultation on the dashboard that was published at the same time.

The key details are given in the leaflet and taken from the press release:

  • Legislation will be bought forward as early as possible to compel all pension providers to make consumers’ data available to them through a dashboard
  • The expectation is that the majority of schemes will be ready to “go live” with their data within a 3 to 4 year window
  • State Pension information will be part of the dashboard and will be included “as soon as possible”

The important part about the dashboard is that it will enable people to see all of the pension pots in one place so that can make informed decisions about saving for retirement.  Also, it will enable people to reconnect with pension pots that they may have forgotten about (‘lost’ pots) 

Comment

The dashboard has the potential to be an evolution in retirement and savings decisions for individuals.  It will be free to use and delivered and overseen by a new Single Financial Guidance Body (SFGB).  We look forward to this, as will the millions of people that have no idea of the value of their pension pots, let alone the value of their State pension.