Pension dashboard remains on the drawing board
Online pension dashboards, first unveiled by the government in 2016, are unlikely to be available until 2023, the Department for Work and Pensions has warned.
The pensions dashboard initiative was supposed to enable savers to see all their pension schemes – including workplace pensions and individual plans – on a single screen, but their launch has been repeatedly delayed by technical problems and arguments about how they should operate.
Pension experts have expressed dismay at the latest delay. There is widespread concern that many savers have little idea of what their overall pension position is, and that 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.
The solution for many savers may be to consolidate their pensions, moving all their different pots of cash into a single plan that is easy to follow. However, take financial advice before doing so. Pension transfers are not always the right move. For example, if you have a defined-benefit plan guaranteeing a certain level of pension in retirement, moving this money would almost certainly be unwise.