Pensions - Articles - NOW: Pensions comment on FCA Pensions Dashboard plan

 “One of the inevitable side effects of auto enrolment will be a huge rise in the number of pension pots that individuals will accumulate over the course of their working lives.

  

 “Over 40 years of saving, it will be easy to lose track of these savings and a pensions dashboard will be a major step forward, helping savers to keep in touch with their pension plans.

  

 “Including state benefits in the dashboard is essential as, for many people, the state pension will still form a significant part of their overall retirement income. By bringing state benefits together with other pension savings, it will be much easier for savers to have a clear view of what their income is likely to be in retirement allowing them to build a realistic savings plan for the future.

  

 “It will also encourage savers to take a more active role in their pension planning – prompting them to increase contributions or consolidate their smaller pots.

  

 “While the long term aim has to be for the dashboard to be as comprehensive as possible, in Denmark the PensionsInfo service initially launched with a small number of the larger providers with others added over time.

  

 “Although the delivery of the pensions dashboard certainly presents challenges for the industry, the long term benefits are immediately obvious.”