For immediate release: Thursday 26 March 2015
Commenting on today’s news that the FCA will push ahead with the development of a Pensions Dashboard, NOW: Pensions CEO Morten Nilsson said: “The FCA’s decision to push ahead with a pensions dashboard is sensible, practical and fantastic news for savers.
One of the inevitable side effects of auto enrolment will be a huge rise in the number of pension pots individuals will accumulate over the course of their working lives.
Over 40 years of saving, it will be easy to lose track of these savings and a pensions dashboard will be a major step forward, helping savers to keep in touch with their pension plans.
Including state benefits in the dashboard is essential as, for many people, the state pension will still form a significant part of their overall retirement income. By bringing state benefits together with other pension savings, it will be much easier for savers to have a clear view of what their income is likely to be in retirement allowing them to build a realistic savings plan for the future.
It will also encourage savers to take a more active role in their pension planning – prompting them to increase contributions or consolidate their smaller pots.
While the long term aim has to be for the dashboard to be as comprehensive as possible, in Denmark the PensionsInfo service initially launched with a small number of the larger providers with others added over time.
While the delivery of the pensions dashboard certainly presents challenges for the industry, the long term benefits are immediately obvious.”
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For further information:
Tel: 0203 640 9075
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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.
In January 2015, NOW: Pensions achieved independent assurance of scheme quality in accordance with the new master trust assurance framework AAF02/07 introduced by The Pensions Regulator (TPR) in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).
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.