What are Pensions Dashboards?
Managing pensions can be complicated. On average, people build up around 11 different pensions during their lifetime, making it hard to keep track. Pensions Dashboards aim to:
- Provide clear and simple information about all your pensions, including your State Pension. They will include where your pensions are held, how much they are worth and who to contact about them.
- Help you reconnect with lost pensions - there’s currently over £31 billion in unclaimed pensions in the UK!
It’ll be free for all UK citizens, even if you live abroad, and will give you a clearer view of your savings and future income, helping you make informed retirement decisions.
The service is being developed by the Money and Pensions Service and will be hosted on the government backed MoneyHelper website. Once live, private companies will be able to launch their own dashboards, which may include additional features.
The Pensions Dashboard Programme has created an introductory video to Pensions Dashboards.
How will Pensions Dashboards work?
You’ll need to submit a request to find your pensions information and share some basic details such as your name, date of birth and National Insurance number. To help keep your information safe, an identity service will confirm you are who you say you are.
The system will then search for any pensions which match your details.
When will Pensions Dashboards be available?
There is no confirmed launch date yet, but work is ongoing and Pensions Dashboards are expected to be available to the public towards the end of the year.
Does this replace My Pension?
No. You’ll still have access to your My Pension account for information about your GMPF pension and My Pension will still be the best way to access this information. Annual updates and details will continue to be added there as well.
Do I need to do anything?
No, you don’t need to do anything at this stage. Behind the scenes, work is ongoing to ensure your data is accurate and ready for the dashboard. We’ll share updates as soon as we know more.
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