The Pensions Dashboard: Everything we know so far

havenifa

havenifa


Posted on: 8th Apr 2019

If you have heard about the pensions dashboard, but you’re not sure what it is, we will explain everything you need to know here.

What is the Pensions Dashboard?

The Pensions Dashboard will be an online platform enabling users to see all their pensions in one place for the first time. It aims to make planning for your retirement easier as you have access to up-to-date values and information without the need of having to jump from provider to provider doing the work manually.

The Pensions Dashboard will cover all types of pensions including Final Salary/Defined Benefit schemes, Money Purchase/Defined Contribution schemes and your State Pension entitlement to give you a complete view of your pensions.

Did you know, people have an average of 11 jobs in a lifetime? That could mean 11 different pensions. It’s hard to keep track of all those details

The Pensions Dashboard will make it easier for you to track down lost pensions that you may have forgotten about. With over £400 million sat in lost pensions that people have not yet claimed, there is a possibility that you have access to more funds for your retirement.

Perfect! Where do I sign up?

Unfortunately, it is not ready and won’t be for a little while! A report released by the Government, published Thursday 4th April, has given the green light for the Dashboard to be created and pledges the legislation to make the Pensions Dashboard a reality. However, given the current political climate caused by Bexit, some are skeptical that we will see any progress soon as the report only paves the way for the process to begin with a fully costed analysis, design and testing all to be done before the public can begin to revolutionise their retirement.

The Digital Retirement Revolution is here!

Hope is not lost though as Yvonne Braun, the Director of Long-term Savings and Protection Policy at the ABI – a cross-industry group of pension providers and schemes – is delighted that the ‘digital retirement revolution’ is here, as the industry has put years of work into making these dashboards a reality and are excited by the progress announced by the Government.

Helen Morrissey of Royal London says that ‘after years of talk, we need to deliver to people’s expectations from the start and if done properly, it will give people a full understanding of what they have saved’

Demand for advice

Platform and Pension provider, Zurich believes that the new Pension Dashboard will increase the demand for financial advice as more people engage with their savings and seek advice regarding their retirement to ensure they are on the right path and potential consolidate their pensions.

The Pension Dashboard is a fair few years off yet, however, Haven IFA are always ready to help secure your financial future into retirement. Our detailed analysis will enable you to make the best decision possible for you and your retirement. Get in touch today for a happier, prosperous, more secure retirement: Contact us