In the Spring 2016 budget, it was announced that a Pensions Dashboard was being proposed. It has since been put forward that a prototype will be running from March 2017. This will involve 11 pension providers, though a few notable ones are missing. So what exactly is the dashboard? It’s a platform that lets savers see all of their pension pots in one place and should help them to plan for their retirement more effectively.
Given, that on average, people have 11 employers over their working life; they can end up with almost a dozen private pensions by retirement, and there is currently no way to see a combined figure for their whole pot, and keep track of all the data. The new Pensions Dashboard will provide this as well as an additional side benefit. There is likely to be an opportunity to release the £400 million worth of pension savings that the Department for Work and Pension estimate are currently unclaimed.
We can expect to see the prototype for the 11 suppliers by March next year, with a final target date set in 2019, where hopefully there will be more pension providers included on the Dashboard.
One such area is the proposed 'Pensions Dashboard', which was first announced as part of the Spring 2016 Budget.