The government announced in the 2016 Budget that a Pensions Dashboard would be developed in order to allow individuals to view details of all their pension savings together in a single place. The government has also given a strong indication that all pension providers will eventually agree to sharing benefit information via the ‘Pensions Dashboard’.
It is hoped that enabling members to have a holistic view of their pension savings in this way, will help individuals to stay in control of their savings and allow them to make the right choices about their overall finances as they approach retirement.
The Pensions Dashboard Prototype Project was launched by the Economic Secretary to the Treasury and it is reported that good progress is being made with input into the design and capabilities of the Dashboard, being provided from across the pensions industry.
Currently, the Pensions Dashboard Prototype is being reviewed by the government and it is expected that a fully operational Pensions Dashboard will be launched in 2019.