Pension dashboard delayed until 2026
The deadline for pension schemes to connect to an online pension dashboard, allowing savers to see all their retirement pots in one place, has been pushed back again.
The pensions dashboard initiative was supposed to enable savers to see all their pension schemes – including workplace pensions and self-invested personal pensions (Sipps) – on a single screen, but the launch has been repeatedly delayed by technical problems and arguments about how they should operate.
The pensions minister Laura Trott has confirmed that the deadline for pension schemes to connect to the digital architecture will now be 31 October 2026.
This is almost a decade after the government first made a commitment to introducing a dashboard. Under previous plans, pension schemes were due to start connecting to dashboards from August 2023, with dashboards becoming available to the public in 2024
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Experts have expressed dismay at the latest delay.
Rocio Concha, director of policy and advocacy at the consumer group Which?, said: “Pensions dashboards have the potential to be a game changer by helping savers to keep track of their pots in one place. It’s hugely disappointing to hear that the date by which all schemes will be connected will be delayed by a further 12 months.
“With billions of pounds lost or dormant in unlocated pensions, the need for dashboards is stronger than ever. That’s why providers who are already in a position to comply should not wait to do so.”
Becky O’Connor, director of public affairs of the pension provider PensionBee, added: “The Pensions Dashboards project has been beset by difficulties and delays from the get-go. It is starting to feel like the train you wait for thats arrival time keeps being pushed back, before it is eventually cancelled. It’s vital for the UK’s millions of pension savers that this doesn’t happen.”
Savers often have little idea of what their overall pension position is, and many are losing track of small pots of cash. The typical Briton now pays into around a dozen pensions during their career, starting a new plan with each new employer. That makes it difficult to stay on top of planning for retirement.
“A highly complex undertaking”
However, some industry figures say that Trott’s most recent statement shows that the government remains committed to the delivery of pensions dashboards and provides some helpful clarity and flexibility for the pensions industry, despite the one-year delay to the final staging date.
Nigel Peaple, director of policy and advocacy, at the Pensions and Lifetime Savings Association (PLSA), said: “As we have said since the start of the programme, this is a highly complex undertaking, and early delivery is less important than successful delivery.”
It is understood that a general election scheduled between now and the revised deadline of October 2026 is unlikely to impact the project, as the dashboards project has cross-party support.
Keeping track of your pension pots
The solution for many savers struggling to keep track of their pension pots may be to consolidate them, moving all their different pots into a single plan that is easy to follow.
However, think carefully before doing so. Pension transfers are not always the right move. For example, if you have a defined-benefit plan such as a final salary scheme guaranteeing a certain level of pension in retirement, moving this money would almost certainly be unwise.
On the other hand, combining several defined contribution (DC) workplace schemes into one that has the lowest fees and decent investment options could save you money, and a lot of paperwork.
If in doubt, seek expert financial advice.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.
She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times.
A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service.
Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.
-
Will a Santa Rally bring festive cheer to investor portfolios this year?
Investors will be hoping for a seasonal stock market boost in December
By Marc Shoffman Published
-
ChatGPT turns two: how has it impacted markets?
Two years on from ChatGPT’s explosive launch into the public sphere, we assess the impact that it has had on stock markets and the world of technology
By Dan McEvoy Published
-
Is it cheaper to be a sole trader?
It might be cheaper to be a sole trader due to changes to the tax system
By David Prosser Published
-
Should you switch your pension fund?
Many pension fund options are poor performers, thanks partly to high charges. Is it worth switching?
By David Prosser Published
-
The best fintech apps on the market
From digital banking to investment platforms, here are the top fintech apps on the market right now, according to David C. Stevenson
By David C. Stevenson Published
-
What pension providers don't tell you about your retirement money
Check the small print from your pension provider or risk losing thousands.
By Merryn Somerset Webb Published
-
Britain’s stifling tax burden
Chancellor Jeremy Hunt's Autumn Statement will see the tax burden rise in each of the next 5 years.
By Emily Hohler Published
-
Brace for a year of tax rises
The government is strapped for cash, so prepare for tax rises. But it’s unlikely to be able to squeeze much more out of us.
By Matthew Lynn Published
-
Lock in high yields on savings, before they disappear
As interest rates peak, time to lock in high yields on your savings, while they are still available.
By Ruth Jackson-Kirby Published
-
Are lifestyle funds still fit for purpose?
Lifestyle funds have failed to do what they were supposed to do – shield savers from risk in the run-up to retirement.
By David Prosser Published