Pensions dashboard will be ready by spring 2017

Eleven of the largest pension providers have told HM Treasury they will be able to feature on the dashboard.

Aviva, Aon, HSBC, LV, Nest, Now: Pensions, People’s Pension, Royal London, Standard Life, Zurich and Willis Towers Watson will work together to build the first pension dashboard prototype of its kind in the UK.

Additionally, the Association of British Insurers has also agreed to manage the pilot project.

In May this year, a group of 14 organisations including insurance companies, master trusts, banks and government bodies stated pension providers should be able to white-label a standard pensions dashboard.

The pensions dashboard will unlock a huge amount of information that will help people make the best choices for them. Simon Kirby

A person can have 11 employers over their working life on average, which means they could end up with almost a dozen private pensions by the time they retire.

Research has shown that over a third of people approaching retirement find it difficult to keep track of their pension pots.

At present there is no way for people to see the value of all of their pensions in one place.

The pensions dashboard aims to also provide a link to lost pension pots with previous employers and could help release the £400bn worth of pensions savings that the Department for Work and Pension estimate are currently unclaimed.

Simon Kirby, economic secretary to HM Treasury, said: “Pensions and savings decisions are some of the most important a person will make during their lifetime. The government is determined to make sure people can access the information they need to plan effectively for their future.

“Technology, like mobile phone applications, has made day to day banking easier than it’s ever been and it is time for pensions to catch up. Think of a future where you can compare your pension pots with the touch of a button.

“The pensions dashboard will unlock a huge amount of information that will help people make the best choices for them and I am delighted that eleven of the largest pension providers have agreed to work together to build a working prototype by March 2017.”

Aviva’s chief digital officer, Andrew Brem, said: “The pensions dashboard is a vital tool in increasing engagement with saving.

“As an industry we need to make it as easy as possible for people to get a view of all their retirement savings in one place to help them take control of their future.”

First announced at Budget 2016, the pensions dashboard is the latest step in the government’s wider strategy to help people to engage with their pensions earlier rather than nearing the point of retirement.

ruth.gillbe@ft.com