Pensions

HM Treasury written question – answered at on 13 June 2016.

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Photo of Owen Smith Owen Smith Shadow Secretary of State for Work and Pensions

To ask Mr Chancellor of the Exchequer, what progress the Government has made on steps to introduce a pensions dashboard by 2019.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

As people work longer and change jobs more often, pension savings can become confusing. The average person will move employers 11 times over their working life, meaning they could end up with 11 or more private pensions by the time they retire. Research shows that over a third of people approaching retirement find it difficult to keep track of their pension pots.

That is why the Chancellor of the Exchequer announced as part of the Budget 2016, that the government will ensure the industry designs, funds and launches a pensions dashboard by 2019. This will help people to clearly view all their pension savings in one place.

There are a number of exciting dashboard initiatives already going on and the government is keen to ensure that it does what it can to support the progress made by the industry so far. That is why I am acting as a ministerial champion to support the industry in designing and delivering the dashboard to consumers by 2019.

This work will be industry-led. The Treasury is starting the work on catalysing and challenging the industry to deliver and I will set out next steps in due course.

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