The Department for Work and Pensions (DWP) has finished its consultation on what information should be included in a pensions dashboard for consumers. The DWP is now analysing its findings and will publish standard information requirements by the Autumn.
What is a Pensions Dashboard?
This is an information point where all of your pensions schemed combined from various pension schemes you may have, including state pensions, are displayed in one area to give you a complete picture of you likely retirement capital and income position in retirement.
The Government via the Pensions Minister has issued a warning to all pension scheme providers to be ready to supply the required information to dashboards. Many pension schemes appear to be lagging. They canot even cope with simple information requests by telephone or online let alone having instant messaging to supply the required data for a dashboard.
We fully support this government initiative. It is important that the biggest investment we make during our lives is not just our home but our pensions and security in retirement.
In fact, guess who owns PensionDashboard.com and PensionsDashboard.com? Yes, we do and we have already started works on the delivery of a pensions dashboard for you. We are waiting for the data requirements from the DWP and pensions scheme providers.