Kirby today confirmed “the state pension will be part” of the dashboard, but did not say whether this will be included in the first model to launch next year.
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A working prototype of the government’s pensions dashboard will be in place by March 2017.
Think of a future where you can compare your pension pots with the touch of a button.
According to the Treasury, a person can have an average of 11 employers over their lifetime, meaning that they could have just as many private pensions by the time they retire.
“The development of a prototype Pensions Dashboard is a huge step forward for the industry with immediate and obvious benefits for savers”.
The dashboard will also aim to help consumers find “lost” pension pots.
The People’s Pension, along with Now, have long backed the introduction of a dashboard, and Now chief executive Morten Nilsson noted that the rollout of auto-enrolment would see an increase in pension pots.
Around 400 million pounds in United Kingdom pensions savings are now unclaimed, the Treasury added.
The Economic Secretary to the Treasury, Simon Kirby, said that technology like mobile phone apps has made day-to-day banking easier than it’s ever been and it was time for pensions to catch up.
Master trusts Now Pensions, The People’s Pension and the National Employment Savings Trust are among the 11 founding providers, as are consultancies Aon and Willis Towers Watson, mutual insurer Royal London, HSBC and four for-profit insurance companies.
Almost a dozen master trusts and United Kingdom insurers are to launch an online portal detailing pension savings, as the government stands by its target of having a full pensions dashboard operational by 2019.
Robert Gardner, co-founder of pension investment consultant Redington, said: ‘This is a pivotal moment for British savers as the pensions dashboard will allow consumers to access the performance of all of their pension pots in one place – which is essential to successful long-term saving and retirement planning.
People’s Pension chief executive Patrick Heath-Lay said the proposed dashboard was created to deliver infrastructure that has the potential to improve overall efficiency in the pensions system. “It is crucial that we all make the most of this opportunity and the industry as a whole embraces the dashboard”.
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“But it must be built first and foremost for savers and have strong, independent, ownership and governance”, he said.
