Prior to the 2016 Budget, Which? was one of many voices calling for the development of a pensions dashboard. This could enable people to see all of their pension pots in one place and empower them to make the right choices, both when saving for retirement and when making decisions at retirement.
The government committed the pensions industry to implement a pensions dashboard by 2019, and following the launch of a prototype in early 2017, we welcomed its announcement that it will be taking the lead on ensuring the project is carried out.
Which? commissioned this report to address some of the key questions and concerns raised during the development of the dashboard so far, and to provide recommendations for government and the industry as the project moves forward. We welcome the recommendations in this report, which we believe will go a long way to ensuring that the dashboard truly works for everyone. While Which? is supportive of all 12 recommendations, three in particular are of fundamental importance: the effective supervision and regulation of pensions dashboard providers, universal coverage of pension schemes and comprehensive and consistent information on people’s pension savings.
We are calling on the government to act now to ensure the pensions dashboard fulfils its potential to boost consumer engagement, transform the sector and help people make informed decisions that will guarantee a comfortable retirement.