For immediate release: Wednesday 11 December 2014
NOW: Pensions CEO Morten Nilsson comments on the FCA’s proposal to develop a ‘Pensions Dashboard’ which would allow consumers to view all their lifetime pension saving in one place: “With the average UK worker having around 11 jobs over their working life it’s perhaps no surprise that almost a third (32%)* admit they don’t know where all their savings are.
Having a multitude of pension pots makes it difficult for savers to easily understand what their total retirement income might be. The introduction of a Pensions Dashboard would go a long way to bringing pensions into the 21st Century, helping savers to build a realistic savings plan for the future.
In Denmark, the PensionsInfo service allows savers to log onto a secure website using their social security number. Here they can view in one place their state entitlements and the amount they have saved in all of their others schemes. A retirement income projection is also provided.
While the development of a Pensions Dashboard in the UK will be complex due to the high number of pension providers in the market – done successfully it will build engagement and encourage savers to think about consolidating their own pension pots.”
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Notes to editors
*Research conducted by Censuswide in September 2013 with 2,000 respondents, aged over the aged of 21 who have a workplace pension.
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is an independent, multi-employer trust serving thousands of employers and hundreds of thousands of employees from a wide range of sectors.
A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions offers a simple and cost effective workplace pension solution direct to employers and via advisers and the payroll sector.
In April 2013, NOW: Pensions became the first master trust to attain the NAPF’s new PQM Ready Standard. The benchmark shows employers that NOW: Pensions is a well governed pension scheme with low charges and good member communications.
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- Jocelyn Blackwell, founding partner Dunnett Shaw
- Christopher Daykin, former Government Actuary
- John Monks, member of House of Lords and former General Secretary of ETUC and TUC
- Win Robbins, former Head of European Fixed Income at Barclays Global Investors
- Nigel Waterson, former Shadow Pensions Minister
Charges are just £1.50 per month administration charge (reduced administration charge of £0.30 – £1.00 to be applied during auto enrolment phasing for lower earners) plus a 0.3% annual product investment management charge, with no hidden charges.