The Government will launch a new pensions dashboard in 2019 showing how much a person has saved, what tax they will pay and how much they can expect to live on in retirement.
The Department for Work and Pensions (DWP) said the new free pensions dashboard would allow people to access their information from most pension schemes in one place for the first time.
It added that it would also help people locate ‘lost’ pension pots.
The announcement follows feedback on how the Government could help people to make informed choices and better plans for retirement.
As of now, it has been confirmed that the new dashboard will include:
- Accurate, easy to understand, secure information
- Clearly how much people have in their pension pots and what they can expect to have to live on in retirement
- Put people in control of when and how they check their data and who has access to it
- Help people to find ‘lost’ pension pots
Commenting on the announcement, 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. Plain pensions information at the touch of a screen will ensure better-informed, more engaged savers and help many more people to plan effectively for retirement.
“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 and, working with industry, we will ensure they do.”