Minister for Pensions has called on pension schemes of all types and sizes
to make sure their data is ready for pensions dashboards.
The calls come as the government publishes its response to a
consultation which gathered feedback from industry, potential
providers, consumer groups and future users on what data should
be included and how this should be displayed to people.
Bringing pensions into the digital age, dashboards will allow
savers to see what they have in their various pensions –
including their State Pension – in a single place online, at any
time they choose.
Ten years since the introduction of Automatic Enrolment and there
are a record number of British people saving for retirement. With
more people managing their finances online, the need for pensions
dashboards is stronger than ever.
Minister for Pensions said:
For many people, a pension is the most significant financial
investment they will make in their life. That is why the
introduction of pensions dashboards is so important.
Clear pensions information at the touch of a button, including on
the State Pension, will ensure savers are better informed and
more engaged, while helping people to plan effectively for
retirement, as well as to find lost and forgotten pension pots.
The building and initial testing of the digital dashboards
architecture is already well underway. My message to the trustees
and managers of pension schemes of all types and sizes is simple:
get data ready.
Pensions dashboards will offer savers a choice of how they keep
track of their pension pots, with dashboards to be provided by
the Money and Pensions Service (MaPS) and other organisations who
meet the requirements to develop and host their own dashboards.
The first version of pensions dashboards will offer people the
opportunity to find their pensions and then view information
about their value, but as the use of dashboards becomes more
commonplace, user insights and experience will allow for the
dashboards experience to be enhanced further.
Additional information:
