Pensions dashboards: what you need to know

Some major changes are under way in the world of pensions with the launch of pensions dashboards.

What are pensions dashboards?

Pensions dashboards aim to provide a single point of reference for people to view information about their pension savings. The dashboard you access will serve as an ‘all in one place’ solution, providing a much simpler way to see multiple pension savings, or even reunite you with lost pension pots. It works through a secure search that checks virtually the entire pensions industry to find savings linked to your personal information.

Pension pots can easily become lost as people change jobs or move home and forget to update their details. On average, a lost pension pot is worth £9,470, which could make a huge difference to your retirement income.

What will a pensions dashboard show?

The idea is that a pensions dashboard will show an indicative snapshot of your different pensions, as found through a secure digital search. It will also give you an estimate of the income you might have at retirement.

How will pensions dashboards work?

Once launched, you will be able to choose from a range of pensions dashboard services, such as mobile apps or websites. These services will likely be administered by banks, insurance companies and other pension providers that link back to the government’s secure digital search service.

To start with, you will need to verify your identity and provide a few other personal details, such as your National Insurance Number, then the secure search can begin. Once the search is complete, a summary of all your pensions funds will be displayed together, giving you a better idea of your savings as a whole. The dashboard will also include information on your State pension.

As pensions are valuable assets, dashboard services will be strictly regulated by the Financial Conduct Authority (FCA), so you can rest assured any data you input will be handled safely.

Pensions dashboards will be a free, 24/7 service, but won’t include pensions already being paid (for example, if you’re already retired).

Who are pensions dashboards for?

Pensions dashboards will be for anyone with a UK pension that isn’t being paid out yet. Broadly speaking, this is anyone in the UK of working age, or working age people who now live overseas but have pensions in the UK (perhaps from earlier in their careers).

When will pensions dashboards be available?

Connection to the dashboards is expected by 2026 at the latest.

It may seem like a long time, but the initiative is very complex, as many millions of pensions records will need to be made available to be digitally searched. Some of these records will go back decades, across a wide variety of schemes and providers, so it’s very important that a large amount of testing is carried out to ensure everything is secure and working as it should.

How can I search for my pensions now?

Even though pensions dashboards are not yet available, there are still ways you can trace a pension pot if you believe you may have lost one.

The Pension Tracing Service is a free government service that searches a database of more than 200,000 workplace and personal pension schemes to try and find the information you need. You can phone the service directly on 0800 731 0193, or search pension tracing on the GOV.uk website.

You can also visit the Association of British Insurers (ABI) who keep a list of pension providers that have been taken over by other companies, showing which company they’re part of now. You can view this list here.

Once you know who your pension schemes and providers are, you can contact them for details of each of your different pensions.