Stephen welcomes new Pension Dashboards

Pictured: Stephen Kerr MP with Guy Opperman MP, Minister for Pensions

MP WELCOMES INTRODUCTION OF PENSION DASHBOARDS

Stirling MP Stephen Kerr has welcomed the introduction of the Pensions Dashboard from the UK Government. The DWP has called the Pensions Dashboard “a game-changer”.

The Pensions Dashboard will be accessible via mobile phone and personal computer. It will show clearly all the sources of income from pensions for any registered individual and it will be free to use.

The UK Government requires the Pension Industry to bring forward the first models later this year. They will clearly and simply show how much is in each individuals various pension ‘ pots’ , this will include the state pension. Understanding your current situation relies on annual statements that are often difficult to understand and obscure the bottom line as to what your pensions will provide. There will be different dashboards provided by a range of organisations so people can choose which one to use to get information on all their pensions.  

There will also be available a new ‘ pension finder’ service. Many people move to different jobs and employers multiple times in their career. The new service will help people locate their various pensions and keep track of them.  

 

Stephen Kerr MP said:

“Many people have already registered their interest in the Pensions Dashboard since it was proposed, clearly there is real demand for this service. After many Stirling residents got in touch in support of it, I wrote to the Secretary of State for the DWP encouraging her to expedite the roll-out. 

Having it available will make it far easier for everyone to access information about their pension and provide for better forward planning. Nowadays it is not uncommon for people to have a number of different pension plans and it’s not easy to keep track or know how much one is going to get."