The People’s Pension calls for Single Financial Guidance Body to take lead on pensions dashboard
Responding to the government announcement on the Pensions Dashboard, Gregg McClymont, director of policy at The People’s Pension, said:
“Without the government’s lead on the pensions dashboard, it cannot become the one-stop shop that people need it to be. The state pension and public pensions are unlikely to be included, and unless the dashboard is backed up by legislation, savers won’t be able to see all their pots in one place as many providers simply won’t play ball. The point of it will be lost.
“The People’s Pension alone, with a membership of four million people, has more than three hundred and fifty thousand members who’ve not provided us with a current address – that’s hundreds of thousands of people at risk of losing their pension pot. Although we work hard to trace them, a dashboard, where they can see all their pensions in one place – is needed to help them keep track of all their hard-earned savings and provide them with the information they need to make vital decisions about their financial future.
“The advantages for savers are clear and most importantly it’s what people across the UK want with seven in ten backing the dashboard1. If the government is determined to hand over responsibility, then the Single Financial Guidance Body is the obvious home to ensure accuracy of data and governance.”
Notes to Editors:
- The People’s Pension found that:
- One in five respondents (22%) have lost track of a pension
- Six out of ten UK workers with a private or workplace pension scheme (60%) don’t know where the details of all their pensions are.
- Nearly a third of respondents (29%) don’t know who their current workplace pension is with.