Minister for Pensions Guy Opperman has called on pension schemes of all types and sizes to make sure their data is ready for pensions dashboards

Minister for Pensions Guy Opperman has called on pension schemes of all types and sizes to make sure their data is ready for pensions dashboards

The calls come as the government releases its answer to a consultation that sought input on what data should be included and how it should be presented to the public from industry, potential suppliers, consumer groups, and future users.

Dashboards will bring pensions into the digital era by enabling savers to view the value of all of their pensions, including their State Pension, in one location online, whenever they like.

There are already a record number of Britons saving for retirement, ten years after Automatic Enrolment was implemented.

The need for pension dashboards is greater than ever as more people manage their savings online.

Guy Opperman, the minister for pensions, said:

A pension is frequently the biggest financial commitment a person will ever make.

The adoption of pension dashboards is crucial for this reason.

To help people prepare properly for retirement and locate lost or forgotten pension accounts, clear pensions information at the press of a button, including on the State Pension, will guarantee that savers are more informed and more involved.

The infrastructure for the digital dashboards is already being built and put through its initial testing.

Get data ready is my basic advice to trustees and managers of pension plans of all shapes and sizes.

Pension dashboards, which will be offered by the Money and Pensions Service (MaPS) and other organizations that meet the standards to design and host their own dashboards, will give savers a choice of how they maintain track of their pension accounts.

Pensions dashboards’ initial iteration will allow users to locate their pensions and then display information on their value, but as the use of dashboards spreads, user feedback and experience will enable the dashboards’ initial iteration to be improved even more.