The Department for Work and Pensions (DWP) have announced that proposals intended to support developments of a pensions’ dashboard now exist. Expectations are that industry models will be released later this year. (DWP, 2019)
The pensions’ dashboard has been under development since 2016 and the models released later this year will only be preliminary models. (DWP, 2019) The hope was that these dashboards would help savers with retirement planning. The aim is to present all pension plans in one place, and it would appear something like an online bank to users.
Despite initial plans to reveal models this year, most providers expect it to be another three to four years before the dashboard is available to customers. However, state pension information should be available much sooner. This should help people connect with the funds they are saving for retirement.
The content in this article was correct on 19th May 2019. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on pensions for teachers and non-teachers. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.