Millions of taxpayers will be given access to information about their pensions via an online pensions dashboard under Government plans.
The free tool will allow people to access information from most pension schemes in one place online for the first time and would:
- provide accurate, easy to understand, secure information
- show how much people have in their pension pots
- indicate what they can expect to live on in retirement
- put people in control of how they check their data and who has access to it
- help people find ‘lost’ pension pots
Due to go live this year, it will be followed by other financial dashboards to be introduced in the following years.
Guy Opperman, Minister for Pensions and Financial Inclusion, said: “Pensions dashboards are another major milestone in our radical pension reforms, harnessing innovative technology to benefit savers. Plain pensions information at the touch of a screen will ensure better-informed, more engaged savers and help many more people to plan effectively for retirement.
“Bringing pensions information into the digital age has the potential to revolutionise the way we all think about and plan for later life. People, young and old, should have all the help they need to get ready for retirement and maximise their pension incomes and, working with industry, we will ensure they do.”
The Government is due to launch a consultation about what the new services will look like and how they will work.
Development and design of the dashboards will be led by the pensions industry and facilitated by the Government.
Parliament has said that where necessary it will legislate to compel pension schemes to provide data to consumers via dashboards.