DWP creating digital pension statement service

DWP creating digital pension statement service

The department for work and pensions has announced the closure of its combined pension statement service.

It has said it is working with Revenue & Customs to deliver a new digital service.

The service was launched in 2001 to combine employee pension information with details of their state pension and workplace or personal pension into a single statement.

Steven Cameron, regulatory strategy director at Aegon UK, said: “As we move away from paper-based pension statements to a digital world, with the government’s participation, it should be easier for pension providers and employers to offer scheme members online access not just to projections of private pensions but also to information on state pension entitlements.

“This could be advanced as part of the ‘pensions dashboard’ idea, which aims to offer individuals digital access to information on all of their pension entitlements, in one place.”

Pension dashboards are already in use in the Netherlands and Sweden, and a recent market study by the FCA said it was looking into their use in the UK.

A DWP spokesman said: “We are working with HMRC to introduce a transformed, largely digital service that will help users to understand the link between their state pension and national insurance.

“The new service is currently being tested by selected people in a private beta environment. We are aiming to make it available publicly later this year.”

Adviser view

Peter Chadborn, director of Essex-based Plan Money, said: “Too often individuals look at their financial planning in a fragmented way.”