With more and more of us going to be juggling multiple pension pots, we have today called for a pensions dashboard system to be introduced.
Such a system can help savers to make informed decisions about their retirement choices by presenting retirement and savings pots information all in one place.
In recent years, pensions have undergone some significant changes, such as automatic enrolment for workplace pensions and greater pension freedoms for those aged over 55.
However, our new research has found that it’s becoming increasingly difficult for people to keep a track of their savings. Our survey found that nearly half of people aged over 50, who are employed and have a personal pension, were unsure of how much they’d saved for their retirement.
What’s more is that one third also said that keeping a track of their pension pot was time consuming, and one fifth said they didn’t know how to find the details for their pensions.
Our executive director, Richard Lloyd, said:
‘Deciding on a retirement income is one of the most complex financial decisions people face, but it can be difficult to find how much money you have built up over your working life.
‘A pensions and savings dashboard would go a long way to providing people with a complete picture of their retirement fund and, in turn, help them make the right choices.’
We’d like to see the Government use the forthcoming budget on 16 March, and working with industry, to deliver a pensions dashboard system soon and help people secure a better retirement income.
If you too agree that more needs to be done to improve pensions then back our campaign today.
The Government has committed to greater transparency on hidden pension charges in a win for our Hands off my Pension campaign.
We lobbied the Government for a ban on consultancy charges for work place pensions and won.