The Pensions Dashboard project
It was a great idea at the time – and still is – but there are ominous signs that the government might be abandoning its backing for the so-called Pensions Dashboard project.
A report in the Financial Times on the 17th of July 2018, revealed concerns about the Department for Work and Pensions (DWP) getting cold feet about the entire project, on which little practical progress appears to have been made – despite its scheduled launch next year. Unsurprisingly perhaps, the government issued a press release designed to scotch any such rumours.
The concept of a Pensions Dashboard is likely to bring many benefits and advantages. Here’s why.
The Pensions Dashboard
Since the introduction of auto-enrolment, some 9.5 million individuals have started saving for their pension for the first time. It means that some 73% of all those in employment in the UK are now participating in workplace pension schemes – a significant increase on the proportion of just 47% in 2012.
Whilst this is all well and good, unless pensions savers have real-time, user-friendly and straightforward access to the current state of their pension pot, much of the progress made by auto-enrolment may fall by the wayside.
The Pensions Dashboard is designed to provide just such a facility by bringing together and presenting in a readily understandable and coherent form information about all the pension schemes of which you are or have been a member, the respective balances, and even the value of your State Pension.
Online access is designed to provide regularly updated information so that any pension saver can see immediately where they stand.
The project is based on several fundamental steps:
- submitting your – securely protected personal details – and confirming your identity;
- granting your permission for that information to be securely shared with appropriate sources;
- a search through literally millions of pension plans to identify all of yours; and
- providing you access to all of the details on your various pensions – including the State Pension – all in one place, at the same time, normally within seconds of your clicking the button.
The Pensions Dashboard is therefore poised to provide invaluable information to every member of the working population and members of private pension schemes.
Maximising the potential of your pension savings
Up to date information is frequently the first step………
In doing so, we recognise that access to up to date information is frequently the first step towards careful financial planning designed to ensure that you maximise the potential of your pension savings – so that you are in the best possible financial position to enjoy a long, happy and rewarding retirement.
In the help, assistance and advice we offer, we look not only to make a difference, but in many practical ways positively change our clients’ lives.
We recognise the power of retirement planning and look forward to helping you make the most of that potential.
This data is correct as at the time of writing