An online petition calling for the government-backed pensions dashboard project to be saved has raised more than 125,000 signatures.
The pensions dashboard is currently scheduled to launch in 2019. Its aim is to help savers see all of their pension pots from different jobs and with different providers in one single place, to help with retirement planning and wealth management. It was first announced by then-chancellor George Osborne in 2016.
The dashboard project has been backed by the DWP and developed by a combination of industry bodies, including the Association of British Insurers (ABI), and private companies including fintech and pensions specialists.
However, in July 2018, secretary of state for work and pensions, Esther McVey was reported in The Times as saying that she believed the dashboard service should not be provided by the state and that it could interfere with the rollout of universal credit.
Following her comments, an online survey was launched to save the dashboard project. If the survey were an official government petition, it would now have reached the number of signatures required to debate the issue in parliament!
The Department for Work and Pensions (DWP) has estimated that by 2050, workers will have lost track of around 50 million pension pots. So, while the future of the dashboard may still be open for discussion, it’s important for all savers to keep track of their own pension savings and to plan carefully for retirement. If you would like to discuss your personal retirement planning strategy, why not speak to your Brunsdon Financial Adviser.
Sources:
https://pensionsdashboardproject.uk/saver/about-the-pensions-dashboard/
https://www.thetimes.co.uk/article/esther-mcvey-wants-to-kill-off-online-pension-tracker-06385nbws
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