A new online framework is set to simplify retirement savings management by allowing individuals to view all their pension information in one place. The 'pensions dashboard', initially proposed in 2016, aims to address the challenge of tracking multiple pension pots, with an estimated £26.6 billion currently in 'lost' pensions. Developed by the Money and Pensions Service, the dashboards will integrate pension savings securely, with larger schemes connecting by April 2025 and smaller schemes by September 2026. While the projected launch date for consumer use is 2027, the dashboards are expected to be a significant step forward in helping people manage their retirement savings.
A new framework is set to revolutionise the way people manage their retirement savings. With an average worker accumulating 11 different pension pots throughout their career, tracking them can be a challenge.
The proposed online ‘pensions dashboard’, first mooted in 2016, promises to allow individuals to view all their pension information in one place. Despite significant progress, the project has faced delays, with a new deadline set for October 2026. However, consumers might not be able to use the dashboard until 2027, reports the Express. Mr Rickman commented: "While pension dashboards are far from the silver bullet to help everyone knock their long-term savings into shape, they should represent a giant leap forward."
RETIREMENT SAVINGS PENSIONS DASHBOARD FINANCIAL MANAGEMENT LOST PENSIONS FINANCIAL CONDUCT AUTHORITY
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