Pension Dashboards Programme News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Pension schemes were supposed to start connecting to dashboards this August with dashboards being made publicly available late next year.

Twelve million people or four in every 10 working adults in the UK, are not saving enough for their retirement, Guy Opperman (former pensions minister) told the ‘DWP, Saving for Later Life’ inquiry last month. It is widely recognised within the industry that most people are taking control of their retirement savings

The Pension Dashboards Programme (PDP) is pushing the industry to get ready for dashboards over the next six months.

Deadline campaign follows TPR research revealing that insufficient progress has been made to prepare for pensions dashboards and move towards level of member record digitalisation that will be required. Time is in short supply if compliance is going to be a smooth process.

It will ‘revolutionise how people keep track of retirement savings’ Some of the requirements include information on pension accrued to date, expected retirement income, and details on previous employment. But, the dashboard will only be accessible for those that are under the state pension age and have not yet withdrawn from their retirement pots. This means that people over the pension age will not see their data on the balance in drawdown accounts shown, even if they have not retired yet, said advisory firm LCP. Pension revolution Quilter’s head of retirement policy Jon Greer said tha...