If this is the first you are hearing about the pensions dashboard, then you are not alone, as 80 per cent of UK adults have not heard about the value it may bring.
With only six months to go until the pensions dashboard becomes important for most UK adults, there is no better time to learn about it.
What is the pensions dashboard?
If you are enrolled in a workplace or private pension, you may have been given access to an online portal by that provider.
There, you will have been able to see how much money is in your pension, when you are eligible to access it, the projected amount that will be there when you retire and other useful information.
However, the quality of this information and the way it is presented can vary significantly between providers, leaving adults with multiple pension pots unclear of how much they have saved.
To standardise pension information across the UK, the Government-backed service MoneyHelper is creating a pensions dashboard.
All pension providers and occupational schemes will be required to connect with the pensions dashboard.
How will the pensions dashboard help me?
For those who have only built up a single pension with one provider, the pensions dashboard is likely to be a slight aesthetic change in how your savings are shown to you.
The real benefit comes to those who have changed jobs at any point in their career or whose employer has changed pension providers.
This is likely to be the majority of the working population and it has been notoriously difficult to keep track of every pension pot built up over decades of employment.
The pensions dashboard unifies the data of all of your pensions, bringing your state pension and private pensions into one accessible space.
It is hoped that the pensions dashboard can help people get a better understanding of the value of their pensions so that they can make informed decisions for the future.
Armed with this new knowledge, you may find your retirement plans changing as your financial understanding lets you budget more effectively and be more realistic with your retirement bucket list.
Our team can help you review your current pensions, advise you on additional saving strategies and support you with retirement planning.
For full pension and retirement support, get in touch with our team.