The Pensions Dashboard is a government backed platform, first announced in the 2016 Budget, which will let savers see all their pension pots in one place, allowing them to more effectively plan for their retirement.
With workers, on average, having 11 employers throughout their working life, this can make it difficult to keep track of all their separate pension pots. The platform will allow users to find their scattered pension pots and keep track of them through a single, personalised dashboard. The plan is for the dashboard to show each pension’s value. We suspect that it will ultimately give an overview of each persons ‘net position’, what all their pensions add up to, so they are better able to see how much they have saved for retirement.
The project is being managed by the Association of British Insurers (ABI) with the prototype having been shown to at least one Treasury official. It is believed that the dashboard prototype will be presented to ministers later this month before being presented to industry stakeholders at a series of events next month. The planned roll out date for the platform is 2019.
Upon announcing the project, The Economic Secretary, Simon Kirby, had this to say:
“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...”
While we await the Pensions Dashboard to move from a concept to a fully fleshed product, Lark would encourage employees to be more actively involved with their pensions so they are better informed and have a clearer understanding of what they are on track to receive in retirement.
This is something that Lark offers clients with our Workplace Engagement visits, where we demystify pensions and help employees to project their potential benefits forward to a specified retirement date to help identify any shortfalls in their retirement planning.
Although the ‘live’ dashboard is expected in 2019, there is no reason not to start getting engaged with your pensions now.