Access to pensions data as dashboard gets go-ahead

The Government said savers will be in the driving seat, with all the facts and figures about their pensions and potential retirement income at their fingertips in one place for the first time - on smartphones, tablets and computers.

Experts welcomed the move, saying pensions need to be brought out of the “digital stone age”.

At the moment, when people build up savings with different employers for when they retire, they can only look at these pension pots separately.

The Association of British Insurers (ABI) has previously designed and delivered a prototype pensions dashboard service for the Government.

Work and Pensions Secretary Amber Rudd said: “With record numbers saving for retirement as a result of our revolutionary reforms, it’s more important than ever that people understand their pensions and prepare for financial security in later life.

“Dashboards have the potential to transform the way we all think about and plan for retirement, providing clear and simple information regarding pension savings in one place online.

“I’m looking forward to seeing the first industry dashboards later this year.”

The plans, published in its response to a consultation, include a commitment to bring forward legislation at the earliest opportunity to compel all pension providers to make consumers’ data available to them through a dashboard.

There is also an expectation that the majority of schemes will be ready to go live with their data within a three to four-year window.

State pension information will also be included as soon as possible, the Government said.