A new framework for pensions will come in soon with major changes which could make things easier.
It’s estimated that the average worker will build up 11 different pension pots over the course of their career, and keeping track of them all can be difficult, according to Which.
As a result, around £26.6 billion is sat in ‘lost’ pensions across the UK, according to the Pensions Policy Institute (PPI) and the Association of British Insurers (ABI).
The new ‘pensions dashboard’ has been proposed as a one-stop shop for all your retirement information, aiming to enable millions of workers to view all their pension pots in one place online.
It was first discussed in 2016, and now, years later, the project looks to be making significant progress.
While the solution will be a massive help for many, the project has been hit with a string of delays, and the latest timeframes have led to a deadline for October 2026.
New pension dashboards, developed by the Money and Pensions Service, will enable savers to see all their pension savings securely in a single, online hub.
The timetable for plugging into the dashboard ecosystem is staggered by scheme size – the largest must connect by April 2025, filtering down to the smallest by September 2026.
Consumers may have to wait until 2027 to interact with the dashboard.
Mr Rickman said: “While pension dashboards are far from the silver bullet to help everyone knock their long-term savings into shape, they should represent a giant leap forward.
“Once they do go live, to get the most out of the dashboard it is essential for savers to engage with them.”
From day one of the new set up, you will be able to view your state pension on the dashboard.
The dashboard will be regulated by the Financial Conduct Authority and over time, there could be multiple dashboards created and hosted by different organisations.
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