Further update 11 December 2018:
Please find below a letter from the Minister for Pensions about the Government's feasibility study and consultation on the development of the Pensions Dashboard. The consultation can be found here: https://www.gov.uk/government/consultations/pensions-dashboards-feasibility-report-and-consultation
I am delighted that, following an update to Parliament on pensions from the Department of Work and Pensions, the Government has confirmed its continued support of an industry-led Pensions Dashboard. You can read the statement in full here https://hansard.parliament.uk/commons/2018-09-04/debates/18090440000008/PensionsUpdate and a letter from the Secretary of State is below.
Many thanks for all the contact I have received regarding the Government’s proposed Pensions Dashboard.
It is important that people have access to as much information as possible to help them make informed decisions about their retirement. I am pleased, therefore, that the Department for Work and Pensions consulted on plans for a single public financial guidance body (SFGB), which would be responsible for providing free and impartial advice, to deliver a more streamlined service to consumers.
The SFGB has now been introduced as part of the Financial Guidance and Claims Act 2018 and provides:
• Pensions guidance – providing information and guidance on occupational and personal pensions to members of the public;
• Debt advice – providing information and advice on debt to members of the public in England;
• Money guidance – providing information and guidance designed to enhance people’s understanding and knowledge of financial matters and their ability to manage their own financial affairs.
At present, the Department for Work and Pensions is also carrying out feasibility work to explore the complex issues associated with the development of a Pensions Dashboard, where an individual can view all of their retirement savings in on place.
This work is ongoing and the Department will report back to Parliament with their findings in due course.
It is important that we create a strong savings culture and help people to plan and save effectively for their retirement. This year it is expected that 10 million people will be newly saving, or saving more, as a result of Automatic Enrolment. This key reform is making saving into a pension a social norm once again and I am keen to ensure that this culture of savings continues.
|DC - Pensions Dashboard.pdf||47.38 KB|
|Further Update - Pensions Dashboard.pdf||182.51 KB|