Pensions Minister, Guy Opperman MP, has urged pension providers to make sure schemes are prepared for pensions dashboards, as part of plans to make retirement savings easier to view.
The call comes following a government consultation on what data is important for helping consumers understand their pension savings, and how it should be displayed.
After a decade since automatic enrolment into a pension scheme was first introduced by the government, there are now a record number of Brits saving for retirement directly from their monthly pay.
Minister for Pensions Guy Opperman 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 aim to offer savers a choice of how they keep track of their pension pots. Dashboards will 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 versions of the dashboards will be limited to offer people the opportunity to view information about the value of their pensions, but as the use of dashboards becomes more commonplace, user insights and experience will allow for the features and options available to savers to be enhanced further.
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