Pension passport could be reality early next year

Pension passport could be reality early next year

Pension passports could become a reality as soon as next April, according to the managing director of retirement solutions at LV=.

John Perks said the pilot which his company is taking part in with the Treasury would be ready to start as soon as the election was out of the way.

He said: “We are ready to go on this and we will start just after the election.

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“We are very good at turning things round quickly in this industry and it could well be something for next April.”

The friendly society is working with the Treasury and the charity-backed Behavioural Insights Team to create a simple document that would show a saver’s existing pensions.

The FCA has already thrown its support behind such a concept, which is used in the Netherlands and Denmark to show savers how much money they have in each of their pots.

Adviser view

Richard Ross, director of Norwich-based Chadwicks, said: “Providing it can be administered, it could be a brilliant idea, but the problem is that if people rely on it and it is not effective, it increases the chances of people losing a pot.”