A long-awaited online tool to track down lost pensions could be ready next year – after a minister said he is “cautiously optimistic” about the timeline.
Torsten Bell, the pensions minister, said the public will be given six months notice before the Government’s dashboard is available for wider use.
The online tool, designed to allow people to view all their pension pots in one place, has been beset by a series of delays and is tens of millions of pounds over budget.
A National Audit Office (NAO) report in May last year found that the cost of the project had increased from £235m in 2020 to £289m in 2023.
But Bell stressed that the availability of such a service was crucial to helping people understand and make better use of retirement savings.
Speaking at a pensions event, Bell was asked by The i Paper when the public could expect to hear more about the long-awaited dashboard.
“I am cautiously optimistic. We are on track for the connections to hit the deadline in October 2026 – lots of that is already happening. It’s showing good progress,” Bell said.
“As I have said before, we’ll provide six months notice that when that dashboard can then actually go by so people can start using it.”
Bell was unveiling the Government’s pension overhaul, which will see companies able to pool larger savings schemes into one.
He said increasing the public’s understanding of pension schemes was crucial to ensuring people save enough for retirement.
“Today, there’s not high levels of engagement with pension savings broadly,” Bell said, before arguing that providing better value pension pots would help tackle this.
“Today, most people with a defined contribution pot, it’s not the biggest part of their retirement, so it is not surprising that the level of engagement is lower.
“You want the right kind of engagement [and] I think we will see that grow in time, and the dashboard will definitely help on that front.”
The dashboard will be an online tool where people can access information about their various private providers and state pension, all in one place.
Individual dashboards can be created by different commercial providers, but the idea is that they will all connect up to one platform, making it easier for people to keep track of investments.
In October 2024, the Government said it was too early to confirm when dashboards would be available to the public.
Legislation requires all pension schemes to connect to the dashboards ecosystem by 31 October 2026.
The concept of the dashboard was first announced by the Tory Government in 2016.
Hence then, the article about online tool to track down your lost pensions could finally be ready next year was published today ( ) and is available on inews ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Online tool to track down your lost pensions could finally be ready next year )
Also on site :