How to track your pension savingsWhich? offers tips ahead of pensions dashboard pilot
13 September 2016
A working prototype of the government's pensions dashboard will be in place by March 2017.
A total of 11 pension providers have agreed to be part of the project, which aims to make it easier for people to see all of their pension pots in one place.
The pension providers are Aviva, Aon, HSBC, Liverpool Victoria, NEST, Now: Pensions, People’s Pension, Royal London, Standard Life, Zurich and Willis Towers Watson. The project will be managed by the Association of British Insurers (ABI).
Which? has campaigned for the government to introduce its pensions dashboard as quickly as possible.
Our research found:
- One in five (21%) over-50s have never checked how much they have saved in total in their pension pot(s).
- Almost four in 10 (37%) say they find it difficult to keep track of their pension pots and a third (34%) say that doing this is time-consuming.
- One in five (21%) say they would not know how to find out about the details of their pension pots.
With this in mind, we have listed our top tips to help you track your retirement savings.
Find out more: pensions and retirement hub - learn more about your retirement options
How to track your retirement savings
Track down lost pension pots
On average, a person can have 11 employers over their working life, so it could be easy to lose track of some of your pension pots.
The Pensions Advisory Service recently launched a new online tool to help people track down lost pensions.
The Department of Work and Pensions (DWP) also has a free Pension Tracing Service, which will help you find contact details of your workplace pension provider.
Calculate the size of your pension pot
Your annual pension statements should tell you how much you have saved and what you're on course to receive. If you can’t find your statements, talk to your employer’s pension department, who will able to tell you.
Our pension calculator makes it easy to find out how much you're likely to receive in retirement based on the current size of your retirement savings. You can also get a state pension statement from the DWP, which will explain how much state pension you may get.
Consider transferring all your savings into one pension
Bringing together all of your pension funds in one place could be a good idea, cutting the fees you pay and making it easier to keep track of your retirement investments.
However, there are also significant risks. Our pension transfers guide weighs up the pros and cons.
Which? responds to pensions dashboard pilot
Knowing the key details about the value of your pensions is vital for making informed retirement decisions. We believe a pensions dashboard could house all this information in one easily accessible place and give people a complete picture of their retirement fund.
Alex Neill, Which? director of policy and campaigns, said: 'Successfully introducing the pensions dashboard will be vital for everyone who is saving for their retirement.
'Making financial decisions about our retirement can be incredibly complex, so the dashboards must be tested to make sure it will help people to track and plan their retirement savings.'