Pensions minister, Guy Opperman, has confirmed that the Pensions Dashboard is finally to be set in motion, with the Department for Work and Pensions taking up responsibility for the project.
The Pensions Dashboard is an initiative led by the pensions industry that would allow retirement savers to view all of their pensions – from their current and former employers – on one online platform and make it easier for them to monitor and review their saving progress.
According to government figures, the average person has 11 jobs during their working life, meaning they could have multiple pension pots, in addition to the state pension.
The government committed to the development of a pensions dashboard in the 2016 Budget with a launch scheduled for 2019. However, the complexity of the project and disagreements about the details it should include and how it would be funded have hampered progress.
Commenting on the news, Steve Webb, director of policy at Royal London says: “This is a huge step forward. Those of us who want consumers to be able to see all of their pensions in one place had started to despair at the lack of momentum coming from government. Whilst government has been clear that it will not be delivering the dashboard or paying for it, government engagement is still vitally important.”
He adds: “The government can help to ensure that state pensions and public service pensions are included in the dashboard and can legislate to require all private pension schemes to supply data to the dashboard. Other countries have had services of this sort for many years and it is time that the UK caught up, especially given the fragmented nature of much UK pension provision. Being able to see all of their pensions in one place will help savers and their advisers to plan ahead for retirement much more effectively in future.”
However, no further details of how the pensions dashboard will work and whether it will be ready for 2019 have been released.