Most people will have on average of 11 jobs over their working lives, each one with its own pension scheme. Enable’s IFA’s know how important it is to keep track of your pensions. So it is good to see that the Government and industry are working to do something about collating all of a worker’s pension information so they can see it in one place.
The industry has come up with a basic pension’s dashboard, which will show workers all of their pension pot details in once place. It is due to be launched in 2019, and will give everyone a projection of what their annual income will be in retirement, followed by a breakdown of what they will get in state pension and from individual work and personal schemes.
Recently it was also revealed that there will be not just one but several dashboards to choose between. The basic dashboard information will be incorporated into apps or websites designed to offer workers other tools and functions as well. One app could show your pension information alongside other details of your savings, current accounts and ISAs, Another might allow you to make small frequent deposits into your pension, for example rounding up the cost of a cup of coffee and putting the extra cash straight into your nest egg.
Seeing pensions in one place will also allow people to see the fees they are being charged, which may also drive competition, chief executive of The Pensions Regulator Lesley Titcomb suggested.
Michelle Cracknell, chief executive of The Pensions Advisory Service, also hopes the dashboards will encourage people to feel like their pensions are their own. Enable’s IFAs are happy to help you look at your pension options.
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE