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The Pensions Dashboard is expected to be established during 2019 with the aim of providing savers with an accurate picture of their pension savings in an easy to understand format and help them avoid losing pension pots.
The consultation – Pensions Dashboards: Working together for the consumer – was launched by the Department for Work and Pensions’ (DWP), Minister for Pensions and Financial Inclusion, Guy Opperman.
Nigel Peaple, Director of Policy and Research, PLSA, said:
“We fully support the development of a pensions dashboard as a means of helping savers plan their retirement income and we fully back the Government’s recommendation that the project should start with a non-commercial dashboard, hosted by the Single Financial Guidance Body.
“The State Pension can be a significant source of retirement income for savers so any dashboard would be incomplete without it. Our members feel strongly that no dashboard should be established until it can include a saver’s State Pension data in an appropriate form and we welcome DWP’s goal of achieving this.
“We will now work closely with our members to develop our detailed response to the questions raised in today's consultation.”