The Department for Work and Pensions (DWP) has confirmed that the long-awaited MoneyHelper Pensions Dashboard is on track to meet its October 31 deadline, marking a major shift in how savers can access their pension information.
What the Dashboard Offers
Pensions dashboards will allow individuals to see their pensions information, including their State Pension, for free in one place online at a time of their choosing. The tool will also reunite savers with lost or forgotten pensions. By providing easy access to information, it aims to increase awareness and understanding of pension savings, supporting better retirement planning.
Government and Industry Reactions
Torsten Bell, Labour Party cabinet member and Minister for Pensions, said: “We are on track for a major pensions moment, where for the first time people will be able to see their share of the UK’s £3 trillion of pensions wealth in one place.” He added: “Pensions dashboards are a genuinely transformative tool for working people. For too long, savers have had little visibility of what they've built up over a lifetime of work – that changes with dashboards. We're building something that will help millions plan properly for retirement and with 85 percent of pension records connected is real, tangible progress.”
Oliver Morley, CEO of the Money and Pensions Service (MaPS), said: “Thanks to the dedication and hard work of so many people in the pensions industry, government, regulators and more, we are making steady progress with pensions dashboards. It is exciting to see the positive experience enjoyed by people who have tested the MoneyHelper Pensions Dashboard, and the real difference it will make to tackling low engagement with pensions. By bringing together a person’s pensions information in one online and secure place, the dashboard will be a vital part of improving retirement outcomes for so many people across the UK.”
Progress and Features
As of July, 85% of pension schemes are connected, integrating more than 70 million private pension records and tens of millions of State Pension records. The tool is expected to go live to the public next year. The dashboard will display projected retirement income alongside current pot values for defined contribution schemes. It will also provide contact details for pension providers, as well as signposting users to guidance services such as Pension Wise.
Access and Security
Morley explained that the MoneyHelper Pensions Dashboard will allow savers to securely access information about all of their pensions using their GOV.UK One Login information. This is the account that is also used to access and manage tax payments, self-assessment, student loan and other National Insurance and benefit information.
