You are here: Home - Retirement - Retirement planning - News -

‘Gaps and dodgy data’ await savers tracing pension pots

0
Written by:
27/02/2020
Savers tracking down their pension pots face missing information and dodgy data, adding to the case for the urgent introduction of a comprehensive dashboard.

Volunteers were challenged to track down key pieces of information about their pension schemes to see what problems they faced.

Nine of the 12 volunteers saw gaps in their data, while only three were able to find all the requested information via paper statements, online accounts and phone calls.

Some savers struggled to find the value of their pension or projected entitlement under a defined benefit scheme. In another case, the saver was told they would need to wait 40 working days for a new statement with the information.

The investigation by campaign group Which? revealed several volunteers discovered errors and missing information, notably around pension charges and investment strategy.

And in cases where the information was available, it wasn’t always correct.

One of the participants – a 36-year-old from London – found that pension payments had been deducted from her salary but over eight months, the contributions failed to be added to her account, potentially breaking the law.

Some volunteers said they were left confused following pension company mergers and takeovers, with one volunteer receiving three letters from different providers about the same scheme.

Which? is calling for the urgent introduction of a comprehensive pensions dashboard so savers can see all their pensions in one place, helping them track and better understand their retirement pots.

The pensions dashboard project was first announced in the 2016 Budget and the government originally promised to ensure that it was designed, funded and launched by 2019. But a prototype version probably won’t be available until 2021 at the earliest.

Gareth Shaw, head of money at Which?, said: “A pensions dashboard could be a game changer for consumers who have struggled for too long with a complex, fragmented pensions system.

“For the millions of pension savers to get genuine benefit from a dashboard, the government must use this opportunity to ensure it delivers all the information consumers need to see including charges, income projection figures and state pension entitlement.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Another six months working from home: Expenses, benefits and insurance must knows

The government has changed its message on working from home, with those who can, encouraged to do so. Here’s w...
Another six months working from home: Expenses, benefits and insurance must knows

NatWest launches regular savings account paying 3% interest

NatWest has launched a Digital Regular Saver offering 3% in a bid to get customers in the habit of putting mon...
NatWest launches regular savings account paying 3% interest

Furloughed and self-employed receive £50bn in government support

The government has handed out nearly £40bn to cover furloughed staff wages while grants for the self-employed...
Furloughed and self-employed receive £50bn in government support

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Revealed: UK areas worst affected by Japanese knotweed

Almost 52,000 cases of Japanese knotweed have been reported in just 12 months across the UK.

Close