Pensions Dashboard FAQs
We can’t answer questions about your individual pension plans.
To do that, please speak to your pension providers or your financial adviser.
Why do we need Pensions Dashboards?
The Department for Work and Pensions says people have an average of eleven different jobs in their lifetime. That could mean eleven different pension pots. Different schemes keep in touch with savers in different ways. Some send annual statements in the post. Some work online. But they all have one thing in common. They only share information about that pension scheme. They can’t show you the ‘big picture’ about your savings for retirement.
People often find it hard to keep track of their different pensions. There may be £400 million or more that people haven’t claimed because people don’t know where their pensions are.
On average, people are living longer. They’ll spend more time in retirement. This means it is very important to plan ahead and think about how much money will be needed. That’s much easier to do if you can see your retirement savings all together in one place.
Why doesn’t a system like this already exist?
There are thousands of pension schemes. They all have to work together to create a system like this. Some pension details date back to a time when records were kept on paper. That all takes time to update so that it can come together in one place.
It’s not easy to bring the information together, either. We have to think about personal data and security. How do we keep your details safe? How do we get the right information? The pensions industry doesn’t have the answers to all of those questions. All of the pension providers have to agree how information will be shared and presented.
Why do we have to wait until 2019?
Our Pensions Dashboard Prototype shows that we know how to bring all of the information together. But we still need support from the government and the regulators. They will set the rules on Pensions Dashboards and how they work. The pensions industry will support the government in its decisions. Our priority is making it easier for everyone to find the information they need to understand their savings for retirement.
The right rules have to be in place before Pensions Dashboards go live. That way, we can help to prevent fraud and keep people’s data safe. This will give people confidence to use the Pensions Dashboards regularly and stay on top of their retirement savings.
Who decides how the final service is going to operate?
The ABI has looked after the prototype stage of the Pensions Dashboard Project. But the ABI does not make decisions about government policy or regulation. The ABI will add ideas and take part in consultations, as these decisions are now made by appropriate bodies. We want to make sure the Pensions Dashboards offer the best possible service to everyone.
Does the prototype use real data?
No. The Prototype Project did not use live data. It uses a large set of data that is very much like real life pensions data. The Pensions Dashboards that go live from 2019 will use live data. The Prototype Project shows how this will work.
How can I be sure my data will be safe when the full service is rolled out?
Pensions Dashboards will not store data. They will search and find data after an enquiry is made via the Dashboard. The Dashboards will work in a way that is very much like the GOV.UK Verify system.
In the future, every company that works with Pensions Dashboards will have to meet certain data and security standards. Those standards may be set by the Financial Conduct Authority (FCA) or by a new independent body.
What can I do to find out about my pension savings in the meantime?
There is already an online service you can use to find out what your State Pension is likely to be when you retire. All the firms and schemes you have pensions with should provide you with information about your funds on request. Providers will also send you annual statements. It’s important to keep your personal details up-to-date with all your pension providers, for example if you move house.
If you think you have lost a pension, you can use the Pension Tracing Service. You may be able to find some details by speaking to previous employers and checking through old paperwork. The Pensions Advisory Service pension tracing tool can also help you find out whether you have a lost pension and how to trace it.
The ABI has an online Register of Consolidations. This can help you find out which company is now responsible for pension schemes that have been transferred to different firms.