The Department for Work and Pensions (DWP) confirmed on Monday that financial advisers will be allowed, with a client’s permission, to access their client’s pension dashboard when they are launched in 2023/24.
What is the Pension Dashboard?
This is a service being sponsored by the Government and supported by many pension providers and HMRC’s pensions register using something called ‘pension finder software’ that sends out an instruction to all pension data providers (company pension administrators, pension companies and State Pensions via the DWP) to search for all your pensions.
When it finds a match, the information is returned to the client’s chosen pension dashboard.
This will mean that you can, and your adviser can access all your pensions details in one place meaning you will have a better view overall of your total retirement position.
Comment
This has been long overdue; we welcome the move to aggregate all your pension information into one place. It will make it easier for consumers and advisers to understand what their current position is.
We have our own plans over the next two years for pension dashboards. Guess who owns the domains pensiondashboard.com and pensionsdashboard.com?