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Which? calls for govt to introduce pensions dashboard

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08/03/2016

Consumer group Which? is calling for the government to push ahead with plans to create a pensions dashboard where savers can view all their pensions in one place.

The Financial Conduct Authority (FCA) has previously said it would work with the government to develop such a dashboard but so far there has been no public commitment from the government, and no timeline for its testing or implementation.

New research from Which? found that nearly half (47%) of people aged over 50, employed and with a personal pension, were not confident about the money they had saved for their retirement.

It also found a fifth (21%) have never checked how much they have saved in total in their pension pot(s) and four in 10 (37%) find it difficult to keep track of their pension pots.

Which? executive director Richard Lloyd, said: “Deciding on a retirement income is one of the most complex financial decisions people face, but it can be difficult to find how much money you have built up over your working life.

“A pensions and savings dashboard would go a long way to providing people with a complete picture of their retirement fund and, in turn, help them make the right choices.

“We are calling on the government to use the Budget to push ahead with this idea and help people to secure better retirement income.”

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