All of your pensions, even the ones you do not know you have, could soon all be in one place
Everyone with a pension in the UK is set to benefit from a new streamlined and joined-up system where they will be able to view all of their pensions in one place - and the Department for Work and Pensions have finally released a date for when it should be completed.
According to the DWP update issued earlier this week, the first pension schemes to connect to the system will do so in August 2024, while larger pension schemes with more than 20,000 members are on-track to be connected the dashboard by the end of April 2025. This will be followed by other pension schemes, with the final connection set for October 2026, reports the Express.
He also pointed out, "Whilst the timetable is not mandatory, it is a legal requirement that trustees or managers of occupational pension schemes and providers of personal and stakeholder pensions have regard to this guidance." Curry also said, "Pension dashboards will be a crucial tool to support retirement planning. By showing people's pensions together in one, online and secure place, they will boost pension engagement, benefiting individuals and industry.
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