Over 100,000 people sign pensions dashboard petition
A petition urging the government not to scrap plans for a pensions dashboard has been signed by more than 100,000.
Nearly 128,000 have signed the petition calling for the government to “keep their promises” and “continue to roll out the pensions dashboard”.
The petition was started after it was reported work and pensions secretary Esther McVey planned to “kill off” the project.
Plans for a pensions dashboard were originally announced by former Chancellor, George Osborne, who said it would be up and running in 2019.
The online hub would allow people to see all their pensions in one place, and it was hoped this would encourage them to engage with their retirement pot and seek better value for money.
Department for Work and Pensions figures suggest 50 million pension pots will be lost by 2050 without an official website to help workers to keep track of savings through their careers.
Shaun Gomm, commercial director at design agency Sigma, which has produced a prototype of the dashboard, said: “The pension system in the UK remains one of the most complex to navigate in the world. Despite paying into our retirement fund for decades, millions of us have no idea how to track or properly manage our pensions; and we’re potentially losing out on thousands in misplaced pension pots.
“It is therefore vital that the promised pensions dashboard – a project born out of the need to simplify this process – is pushed forward.
“Outside of the UK, dashboard initiatives are already having a positive impact.”