The Treasury has set the implementation deadline for a pensions dashboard for 2019 at the latest.
A dashboard for pension savers is a tool which allows them to see all their savings in one place and is seen as a way of engaging people in their savings.
The Financial Advice Market Review published on 14 March recommended the Treasury should take charge of steering the development of the industry-wide tool, which is seen as a way to boost engagement in pensions saving for the mass market.
In today’s Budget documents, the Treasury said: “The government will ensure the industry designs, funds and launches a pensions dashboard by 2019. A pensions dashboard is a digital interface where an individual can view all their retirement savings in on place.”
Consumer champion Which? previously called on the government to use the Budget to announce plans for a dashboard alongside a clear timetable for its implementation, after it found almost half of over 50s do not know the value of their pension.
However, pensions minister Ros Altmann has said any swift implementation will be difficult in the current market as the industry is not ready. Scottish Widows agreed.
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