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.

Recommended

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
Best regular savings accounts – January 2023
Savings

Best regular savings accounts – January 2023

You can earn an attractive rate on the best regular savings accounts. We tell you the best on the market to take advantage of right now
27 Jan 2023
Equity release v downsizing – which is best?
Personal finance

Equity release v downsizing – which is best?

Equity release hit a record high in 2022. But is downsizing a better way to hold on to your money?
27 Jan 2023
Self-assessment tax returns: what you need to know about getting your tax bill right
Income tax

Self-assessment tax returns: what you need to know about getting your tax bill right

Understanding how self assessment works can help you ensure you pay the right amount of tax, as well as avoid penalties for missing the deadline.
27 Jan 2023

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023