Commenting on reports in The Times that Esther McVey wants to ‘kill off’ the pensions dashboard, Adrian Boulding, Director of Policy at NOW: Pensions said: “There’s widespread agreement in the industry that the pensions dashboard could play a vital role to play in helping people keep track of their savings – to ditch it would be a tragedy.
“Auto enrolment is working well but one of the side effects is going to be an explosion in the number of pension pots savers have.
“The DWP estimate that on average people will have 11 jobs throughout their working life. This could result in 11 different pension schemes and 11 different pension pots. DWP’s own figures project that there could be 50 million pots by 2050.
“Giving people the ability to view all their savings in one place would make life much easier for savers. Nearly two thirds of pension savers we surveyed* (64%) said that being able to view all their pension savings in one place would help them to manage their retirement savings better.
“Done right, the pensions dashboard has huge potential. It could also help with the growing problem of small and abandoned pension pots by giving people the ability to move their pension pots with a simple drag and drop. I hope the Secretary of State changes her mind.”
Notes to editors
*Research conducted by Opinium online between 12th and 14th June 2018 with 1,464 nationally representative UK adults aged 22-65.