DWP gives an exact date for a new state pension service that will provide a ‘golden opportunity’
A long-awaited new pensions tool soon to be rolled out will provide a “golden opportunity” for pension savers, an expert has said.
The Government has been working for years on the pensions dashboard, first announced in 2016, which will bring together details about your state pension your and private pensions, helping people keep track of their retirement savings.
A pensions expert said: “The first pension dashboards are due to be launched in late 2025. This will allow individuals to access information on all their pension savings in one place.
“ Whilst it will take a few years for all pensions to be visible on the dashboards, it is a golden opportunity for everyone to take stock of their overall pension situation – and maybe be reunited with any lost or forgotten pensions.”
It’s definitely worth checking if you have any lost pensions, as the average lost pot is worth £9,470, or £13,620 for those aged 55 to 75.
Information on the Government website about the pensions dashboard scheme states: “Pensions dashboards will allow individuals to see their pensions information, including their state pension for free in one place online at a time of their choosing.
“Pensions dashboards will also reunite savers with lost or forgotten pensions. The ability to access information easily alongside an increase in individuals’ awareness and understanding of their pension information could also support people with better planning for their retirement.”
Daily Express
How we can help
Once everyone has access to the new online pensions dashboard, it will help us all to have a much clearer view of our own pension savings and that can only help us in planning towards our retirement. Making it easier to track down lost pensions will also be really useful. In the meantime we’ll continue to help you to create your retirement plan, and guide you towards enjoying an affordable life style once you’ve finished working. If you’re yet to make a start on planning your retirement, why not have a no obligation meeting with us, at our expense. Call us now on 0808 123 4321.
Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire, and the surrounding area, but not limited to the region.