Today I asked the Prime Minister to support the creation of a pensions dashboard, to allow people to keep track of all their different pensions. You can watch our full exchange above.
New research by ABI and the Pensions Policy Institute estimates there are 1.6m lost pensions pots worth nearly £20bn that remain unclaimed. The changing nature of work means people have more jobs throughout their career, and thus a greater number of pensions. This trend is likely to increase in the future, meaning more complexity and more lost pensions. An online dashboard that keeps track of all your pensions could allow people to access thousands of pounds in their retirement that they would otherwise miss out on.
The Government previously announced support for this scheme but pulled back over the summer. They are now calling for an industry-led dashboard.
How can you trust the industry that has allowed millions of people to lose out on their entitlements to self-regulate and make information freely available?
The Government need to step up and ensure that this project is done properly and in the interest of Britain’s pensioners, not the pensions industry.