Pensions  

Platform to track pensions logical step forward: report

The 35-page study by the Groupe Consultatif Actuariel Europeen, a trade body that represents actuaries in Europe, stated that allowing consumers to obtain data using an online platform had raised awareness of pensions in four countries where the system was introduced.

The Netherlands, Denmark, Sweden and Finland have seen 10m visits to their respective websites that had offered this service.

The popularity of the tracking system allows consumers to view all their retirement benefits if enough pension providers co-operate with the scheme. The countries studied by the report typically covered between 90 and 100 per cent of consumers’ total pension pots.

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The report concluded that a Europe-wide tracking service would be the “logical step forward”, although paper statements may have to be provided in regions where internet access was limited.

The report said: “An European Union tracking service should start with a ‘coalition of the willing’. If a few countries were to participate at the start, that would make the set-up a lot easier and probably less costly, as lessons could be learnt from the pilot countries before implementation elsewhere.”

Adviser view

Jackie Fancourt, IFA for Cambridgeshire-based Jay Financial, said: “We had a system five years ago that offered our clients the chance to look at all their financial data – from pensions to investments – through an online platform. However only one out of 100 clients used it and they only logged on once during that year.”

Inital set-up costs for for the scheme

£2,941,800 (€3.5m) in Denmark

£840,500 (€1m) in Finland,

£924,600 (€1.1m) in Sweden

£8,405,100 (€10m) in the Netherlands.