From the blog: People have, on average, 11 different pension pots over the course of their lifetime, making it a near-impossible task to keep track of them.
The pensions dashboard initiative therefore offers a fantastic opportunity to streamline this process, help consumers plan their retirement more effectively and go some way towards plugging the savings gap.
But there are still challenges and barriers that must be overcome if the project is to come to full fruition.
From the blog: The UK has one of the most complex pension systems in the world. In fact, research by MoneyFacts showed that 65 per cent of people of working age don’t know where or how best to save money for retirement.
Following successes by our European counterparts, the government’s solution to this is to introduce a pension dashboard – to allow us to keep track of our pensions online.
The Swedish model, for example, sees information updated regularly, with more than 50 per cent of the eligible population registered and using the dashboard effectively.
