Call for action over pension pots information

Pension savers are struggling to track down and understand their retirement pots, according to a consumer watchdog.

Which? wants to see the urgent introduction of a "pensions dashboard" – where people would be able to see information about all their retirement pots online and in one place.

The call comes after Which? asked 12 volunteers to track down key pieces of information about each of their 38 pension schemes.

Nine of the 12 encountered gaps in their data, while three found all the requested information through paper statements, online accounts and phone calls.

Some volunteers struggled to find the value of their pension or projected entitlement under a defined benefit scheme.

Gareth Shaw, head of money at Which?, said: "A pensions dashboard could be a game-changer for consumers who have struggled for too long with a complex, fragmented pensions system.

"For the millions of pension savers to get genuine benefit from a dashboard, the Government must ensure that it delivers all the information consumers need to see, including charges, income projection figures and state pension entitlement."

The findings were released as a separate survey commissioned by the Association of British Insurers (ABI) showed that nearly a fifth (19%) of people do not access information about their pensions.

Rob Yuille, assistant director, head of long-term savings at the ABI, said: "People need support to engage with their pensions to make sure their retirement lives up to their expectations. Pensions dashboards will be critical to achieving this.