I spoke in a debate this week urging the UK Government not to back away from commitments to deliver a pensions dashboard that works for all those who are retired or preparing for retirement. A pensions dashboard is an online service allowing people to see information from multiple pensions in the one place, and is an important step in improving access to pensions information for everyone.
With research showing that 47% of people do not know how much their pension pots contain, and the average person working in 11 jobs before they retire, it can be hard to keep up. There is no doubt that this would be a valuable tool letting us all look at the facts and figures about our own pensions.
Ultimately the Government’s responsibility, and to ensure clarity and simplicity, there should be only one dashboard for both clarity and security for consumers. I reminded the Minister that having a single dashboard is important because it will provide a safeguard against scammers. Those who work in this field have warned that multiple dashboards could make it easier for scammers to trick the public into divulging personal data,
I once more urged the Minister to ensure state pension data is included, as well as occupational and private pensions. It is vital this information is available, and that private providers are also compelled, through legislation, to supply information, otherwise the data will not be reliable, once again short changing those planning for the future and making the entire dashboard incomplete and far less useful than it should be.
Those who are retired or are planning to retire should have the ability to access clear information to support their understanding and management of their financial future. The Government have ultimate responsibility for this, and they must not abdicate that responsibility to the private sector, given all the concerns I have raised.