Check all your pen­sions – on one ‘dash­board’

The Mail on Sunday - - News - By Glen Owen and Bren­dan Car­lin

MIL­LIONS of peo­ple will be able to check the size of their re­tire­ment in­come at the stroke of a key­board un­der plans be­ing an­nounced by Theresa May to­day.

The first so-called ‘pen­sions dash­board’ will be launched next year, al­low­ing peo­ple to ac­cess the to­tal com­bined value of sep­a­rate pen­sion pots, plus the state pen­sion, in one place for the first time.

Min­is­ters say t he re­form is es­sen­tial to alert peo­ple if they need to be pay­ing more to en­sure they have enough in­come af­ter they re­tire.

Over a quar­ter of peo­ple aged 55 and not yet re­tired say they do not know the full size of their pen­sion sav­ings. The dash­board idea was first floated by Ge­orge Os­borne when Chan­cel­lor in 2016, but stalled when Es­ther McVey be­came Work and Pen­sions Sec­re­tary.

Now, fol­low­ing Ms McVey’s res­ig­na­tion from t he Cab­i­net over Mrs May’s Brexit plan, No 10 has ramped up prepa­ra­tions.

Min­is­ters will launch a pub­lic con­sul­ta­tion over how the new ‘pen­sions por­tal’ will work in prac­tice.

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.

‘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 a sin­gle place. ‘I wel­come the in­dus­try’s com­mit­ment to make this new tech­nol­ogy a re­al­ity,’ she added.

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 plan for later life.

‘ Peo­ple, young and old, should have all the help they need to get ready for re­tire­ment and, work­ing with in­dus­try, we will en­sure that they do.’

Of­fi­cials said the Gov­ern­ment would be work­ing closely with the pen­sions i ndus­try t o of f er a range of dash­boards for peo­ple to choose from.

The devel­op­ment and de­sign of dash­boards would be pen­sion­sin­dus­try-led and backed by leg­is­la­tion where nec­es­sary.

The De­part­ment for Work and Pen­sions would also li­aise with the Pen­sions Reg­u­la­tor, the Fi­nan­cial Con­duct Au­thor­ity and in­dus­try or­gan­i­sa­tions to make sure that ap­pro­pri­ate con­trols were in place to pro­tect con­sumers and their per­sonal in­for­ma­tion.

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