05-04-19 POSTED IN: Pensions, Savings & Investments

Green Light Given To Pensions Dashboards

The Department for Work and Pensions has announced new proposals to support the development of pensions dashboards, with initial industry models expected in 2019.

Pensions dashboards were first proposed in 2016, and are intended to help savers with retirement planning by allowing them to see all their pension plans in one place online.

In response to a consultation on the dashboards, the Government said it would bring forward legislation “at the earliest opportunity”, to compel all pension providers to participate.

It is expected that the first industry dashboards will be ready later in this year, but the majority of schemes will go live within a three to four-year window.

The Government also confirmed that state pension information will be included as soon as possible, and dashboards will be able to help reconnect people with lost pension pots.

Amber Rudd, Secretary for Work and Pensions, said:

“It’s more important than ever that people understand their pensions and prepare for financial security in later life.

“[Pension] dashboards have the potential to transform the way we all think about and plan for retirement, providing clear and simple information regarding pension savings in one place online.”

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