27th September 2016
The Treasury has recently announced its plans to build a pensions dashboard prototype which will let savers see all their pension pots in one place by March 2017.
Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education in the workplace, supported by guidance and advice comments; “Anything which helps people to understand what pension savings they have is a good thing. However, as retirement income is no longer just about pensions but all types of savings, the dashboard clearly has limitations as it only considers pensions.”
He continues; “So far a limited number of pension providers have agreed to take part in the development of the dashboard. Therefore, individuals may find that it doesn’t include their provider once it’s rolled out unless the government regulates to ensure all providers, including those pension providers with closed pension books, are included.
Also, all pension providers have to provide annual statements to members, so whilst getting these statements in one place may be helpful, what individuals really need is guidance on how best to take income from all their retirement savings, and how to do this as tax efficiently as possible.”
Watts-Lay concludes; “The dashboard clearly does not get employers and trustees ‘off the hook’ for putting in place an appropriate retirement service which includes financial education and advice, to help ensure retirees do not make poor decisions or at worse suffer at the hands of a scammer.”
The latest news is brought to you by WEALTH at work, a leading financial wellbeing and retirement specialist. WEALTH at work and my wealth are trading names of Wealth at Work Limited which is a member of the Wealth at Work group of companies.
Links to websites external to those of Wealth at Work Limited (also referred to here as 'we', 'us', 'our' 'ours') will usually contain some content that is not written by us and over which we have no authority and which we do not endorse. Any hyperlinks or references to third party websites are provided for your convenience only. Therefore please be aware that we do not accept responsibility for the content of any third party site(s) except content that is specifically attributed to us or our employees and where we are the authors of such content. Further, we accept no responsibility for any malicious codes (or their consequences) of external sites. Nor do we endorse any organisation or publication to which we link and make no representations about them.