Pensions dashboard: 5 things you need to know

When you change employers, it's not just a new job you’ll be getting - you may also be enrolled into a new workplace pension.

It's estimated that the average worker will build up 11 different pension pots over the course of their career, and keeping track of them all can be difficult. As a result, around £26.6 billion is sat in ‘lost’ pensions across the UK, according to the Pensions Policy Institute (PPI) and the Association of British Insurers (ABI).

But a solution is on the horizon: the ‘pensions dashboard’ has been proposed as a one-stop shop for all your retirement information, aiming to enable millions of workers to view all their pension pots in one place online. However, the project has been hit with a string of delays, and the latest timeframes has set a deadline  for October 2026. 

Here, Which? explains how pensions dashboards will work and when you can expect to use them.

Why is a pensions dashboard needed?

The government estimates that on average, people may build up 11 different pension pots in their lifetime, and it can be difficult to keep track of them all.

It said pensions dashboards will 'revolutionise' the way people interact with their pensions by allowing individuals to see all of their pensions information, including the state pension, in one place online. 

The dashboards will also will help reunite individuals with lost or forgotten pensions, and support people in better planning for their retirement. 

Here are five things you need to know about pensions dashboards. 

• Find out more: how to plan for retirement

1. Your state pension will be included

A former consultation on pension dashboards run by the DWP confirmed that people will be able to view their state pension from day one. This is something that Which? has called for when previously consulted on pensions dashboards.

It would include the date you turn eligible for the state pension, the forecasted state pension amount and the estimated amount based on their National Insurance record.

The government said specific messaging would be presented on the dashboard to make clear the state pension forecasts are based on the current law and current circumstances - which could change in the future.

• Find out more: how much state pension will I get?

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2. Pension dashboards will be regulated by the FCA

Eventually, there could be multiple dashboards developed and hosted by different organisations.

The Pensions Dashboards Programme (PDP) was established by the Money and Pensions Service (MaPS) in 2019 to deliver the digital architecture that will enable dashboards to work.

MaPS will develop and host its own dashboard, but for other operators they will need to become a Pensions Dashboard Service (PDS).

A PDS will need to meet certain requirements and must get authorisation and be regulated by the Financial Conduct Authority (FCA).

MaPS will be in charge of setting detailed standards and if it notifies the FCA that a dashboard is no longer complying with these, the FCA can de-authorise the provider.

3. Advisers will be able to access clients' dashboards

The government has proposed that MaPS guidance specialists, regulated financial advisers and those considered by MaPS to be appropriate, will be given access to their clients' dashboards.

However, only those with permission will be granted access and savers will be able to remove advisers from seeing their dashboard at any time.

• Find out more: how much do I need to retire?

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4. Schemes will be given time to fetch pensions data

Pension schemes will be able to use information provided within the last 13 months for annual benefit statements rather than 'live' data.

If a value has not been calculated or provided on a benefits statement within the last 12 months, the regulations propose they will have three days to find it. Defined benefit schemes will be given up to 10 days.

5. New timeframe revealed 

The project has been delayed several times in the past. However, on 25 March new timeframes were published. 

A connection deadline of 31 October 2026 has been given, which means all 3,000 pension providers and schemes must connect to the digital architecture by this point. 

However, some of the bigger schemes will begin connection from April 2025, so there is enough time for testing. 

Which? welcomes this key step on the road to finally introducing dashboards but said there can be no further delay.  

Rocio Concha, Which? director of policy and advocacy said: 'The government and industry must now work together to introduce dashboards as soon as possible so savers can make more informed choices about their pensions.'

• Find out more: company pensions explained

This article has been updated since it was first published. It was last updated on 5 April 2024 with the new connection deadline.