“The development of a prototype Pensions Dashboard is a huge step forward for the industry with immediate and obvious benefits for savers.
“One of the inevitable side effects of auto enrolment will be a huge rise in the number of pension pots individuals will accumulate over the course of their working lives.
“Over 40 years of saving, it will be easy to lose sight of these pension pots and a Pensions Dashboard will make keeping track of pension savings a less onerous task. A Dashboard will also help savers better understand what their income is likely to be in retirement allowing them to build a realistic savings plan for the future.”
Research* conducted by NOW: Pensions revealed three in five (60%) British workers have already had at least four jobs in their lifetime, with one in ten (12%) over 55s having worked at more than ten different places.
As a result, over half (56%) of workers aged over 21 have more than one pension pot and nearly one in ten (8%) have four or more - a figure which rises to one in four (25%) for those aged over 55.
When it comes to keeping track of these pension pots there is room for improvement as almost a third (32%) admit they don’t know where all their pension pots.
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