Savers to track pen­sion on dig­i­tal ‘dash­board’

Sunday Express - - A BREXIT DEAL IS STILL A COSTLY THREAT - By Mar­tyn Brown

A DIG­I­TAL ‘“dash­board” which makes it eas­ier for savers to track their pen­sions will help “trans­form re­tire­ment plan­ning”, Theresa May has de­clared.

The Prime Min­is­ter said the rev­o­lu­tion­ary on­line site would en­sure that mil­lions of peo­ple have a more se­cure re­tire­ment.

She said the first dash­board is due to launch next year and will al­low users to check their pen­sion pots eas­ily on a smart­phone, tablet or com­puter.

Their en­ti­tle­ment to the state pen­sion will also be recorded, mean­ing that savers will be able to see de­tails of all their post-em­ploy­ment fi­nances in one place for the first time. It can also help peo­ple de­cide if they need to be pay­ing more into their pen­sions and even find “lost” sav­ings.

More than 25 per cent of peo­ple aged 55 and over, who have yet to re­tire, say they do not know the size of their pen­sion pot. Most work­ers with a de­fined con­tri­bu­tion pen­sion – 80 per cent – ad­mit they have given lit­tle thought to how much they will need to live on when they re­tire.

Mrs May said: “This Gov­ern­ment is com­mit­ted to help­ing peo­ple plan for their fu­ture, and mak­ing sure they can look for­ward to a more se­cure re­tire­ment that they’ve worked all their lives for.

“We’ve al­ready made huge steps for­ward with mil­lions of peo­ple now sav­ing for their re­tire­ment thanks to the au­to­matic en­rol­ment scheme, but it needs to be eas­ier for peo­ple to be able to make in­formed choices on their pen­sion pots.

“That’s why bring­ing pen­sions on­line will trans­form re­tire­ment plan­ning – giv­ing peo­ple straight­for­ward ac­cess to all their pen­sion in­for­ma­tion in one sin­gle place. I wel­come the in­dus­try’s com­mit­ment to make this new tech­nol­ogy a re­al­ity.”

The dash­board, a cross-in­dus­try ini­tia­tive man­aged by the As­so­ci­a­tion of Bri­tish In­sur­ers (ABI), has so far drawn on the in­put of the Trea­sury and 16 pen­sion firms.

It has also in­volved six tech com­pa­nies, the in­dus­try’s reg­u­la­tors and sev­eral in­de­pen­dent ex­perts.

Guy Op­per­man, Min­is­ter for Pen­sions and Fi­nan­cial In­clu­sion, said: “Pen­sions dash­boards are an­other ma­jor mile­stone in our rad­i­cal pen­sion re­forms, har­ness­ing in­no­va­tive tech­nol­ogy to ben­e­fit savers. Bring­ing pen­sions in­for­ma­tion into the dig­i­tal age has the po­ten­tial to rev­o­lu­tionise the way we all think about and plan for later life. Peo­ple, young and old, should have all the help they need to get ready for re­tire­ment and max­imise their pen­sion in­comes.”

Yvonne Braun, of the ABI, said: “Dash­boards will help re­unite peo­ple with an es­ti­mated £20bil­lion in lost pen­sions money.

“We’ve been work­ing hard for more than two years with our mem­bers and part­ners to lay the ground­work but there’s a huge amount still to do.”

Comments

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.