Chancellor must implement pensions and savings dashboard
Consumer group Which? calls on George Osborne to use next week’s Budget to create a tool providing people with a complete picture of all their pension pots in one place.
Decisions about retirement income can be one of the most complex yet crucial financial decisions consumers make yet currently it is too difficult for consumers to access the information needed to make an informed choice.
With multiple pensions pots becoming the norm, it's increasingly difficult for consumers to keep track of their investments so today we are calling on the Government to use next week’s Budget introduce a pensions and savings dashboard without delay.
Our latest research has found that nearly half of people aged over 50, employed and with a personal pension, were not confident they knew how much they had saved for their retirement.
Four in 10 told us they find it difficult to keep track of their pension pots, with a third explaining they found it too time consuming. Many also told us that they are worried about the value of their pension and less than one in three said they trusted longer-term financial products such as pensions.
With an ageing population, and consumers not getting the information they need, something urgently needs to be done to make sure people are getting the vital information they need to make informed retirement choices.
We want the Government to lead on the introduction of a pensions and savings dashboard, much like they have in Sweden, Denmark and the Netherlands, to give people easy access to all the key information about their pensions and savings in one place.
The Financial Conduct Authority has previously said that it will work with the Government to develop this in the longer term but so far there has been no public commitment from the Government and no timeline for testing or implementing a dashboard.
A pensions and savings dashboard would go a long way to providing people with a complete picture of all their pension pots in one place, see what they can expect to have in retirement and, in turn, help them make the right choices. The Government must use the Budget to take the initiative and push ahead to help people secure better retirement income.
PoliticsHome Newsletters
Get the inside track on what MPs and Peers are talking about. Sign up to The House's morning email for the latest insight and reaction from Parliamentarians, policy-makers and organisations.
