Pensions - Articles - Comment on Mumsnet pensions dashboard research

 Responding to the Mumsnet survey which shows that nine out of 10 parents think the pensions dashboard could help them save more for retirement, Andy Tarrant, Head of Policy and Government Relations at The People’s Pension, said: “The current pensions system means that for many savers, simply finding out how much they’ve saved for retirement involves too many hurdles, and people are putting off planning for the end of their career until the last minute. 

 “As a new generation of employees change jobs more than they used to, most will end up with multiple workplace pension pots during their lifetime, on top of which people will have their state pension and perhaps private pensions to keep track of. As these figures show, the sheer number of pension pots that people accumulate, increases the chances of pots ending up lost or forgotten about, with people unaware of what they have saved.

 “At a time when almost four in ten adults in the UK say they will have to work part-time in their retirement, the industry should be doing everything we can to ensure it is as easy as possible to plan ahead.

 “The pensions dashboard has real potential to revolutionise retirement planning, but to realise this, we agree that legislation is essential. There is only so much we can achieve on the back of goodwill. Whilst a voluntary approach has led us this far, parts of the industry simply won’t play unless it’s compulsory.”