As you work your way through life, you try to save money for the days of retirement – this is called a pension. You may have many jobs during your lifetime, this makes a pension pot a lot harder to manage. Currently, people looking into pension schemes have to look separately. This can make it an incredibly long and challenging process to work out how much money you will have when you retire.
The Government has confirmed that the idea to implement pension dashboards will go ahead. A pension dashboard allows those saving for pensions to view information from multiple pensions all in one place.
The main purposes of a pension dashboard are:
- It will open up pensions to millions and make it an easily accessible process
- It will give people an estimate for how much their pension may be worth in the future
The department of work and pensions, (DWP) will bring forward legislations that ultimately will require pension scheme providers to make customer data available to them through their chosen dashboard. Gradually over time, the goal is to include state pension information as well. The Government, regulators and businesses in the pension industry are aiming to make the pension dashboards available online from 2019.
How will they work?
The pension dashboard will start by collecting your details and checking your identity. Once this process is complete, they will get your approval that they can securely share your information with pension schemes. When they find the pension pots available, they’ll show you the most recent valuation and when that valuation was made. Valuations may have been done a while ago, so you may want to ask the company directly for a more recent valuation. A financial adviser can also do this for you.
How many pension dashboards will there be?
There will be more than one pension dashboard. Your bank, employer or an advice service may each have a dashboard, so it’s up to you which one you use.
The pensions dashboard project group is a government supported group. Their aim is to make it easier for people to find out how much they’ve saved for retirement. A retirement is a vital concern for all adults, by making it easier to access the best pension pots for you, helps the process run more smoothly.
Pensions are an important consideration for us all. At D E Ball they understand that it is hard to understand the best ways of going around these things. They have many factsheets for you to ensure you are doing the correct steps. They also offer advice for general problems like pensions.
To find out more click here: https://www.deball.co.uk/about-us