Pension chaos as dashboard delayed AGAIN after 21-year wait - new timeline
The pensions dashboard will allow savers to view all their pots in one place, as well as their state pension, so they can better plan for retirement.
It's estimated the average Briton will have 11 pension pots over their working life, meaning the risk of losing track of one is high.
NimbleFins previously reported one in five pensions are lost, worth an estimated £26.6 billion.
And with auto-enrollment becoming law since 2012, the problem is only thought to get worse.
The pensions dashboard was first planned to be ready in 2019, but has been hit with repeated delays.
Pensions Minister Laura Trott has now announced a further delay in the mandatory connection of pensions schemes to the service, with a deadline of October 31 2026 now given. She said the dashboard could be available to the public before this.
Samantha Seaton, CEO of Moneyhub, added: “While appreciative of the complexities of the Pensions Dashboards Programme, the fact remains that people need to be able to retire and to live an appropriate lifestyle that a G7 country can be proud of."
Professional Pensions editor Jonathan Stapleton told GB News: “It has now been 21 years since ORPs were first mooted and some nine years since the project's latest incarnation started to be discussed more seriously in 2014, when the Financial Conduct Authority recommended the development of a pensions dashboard.
“Never has it been more urgent for consumers to be able to view all their pension savings - including the state pension - in one place.”
In a statement to the House of Commons, Ms Trott said more time was needed for the "complex build".
She stressed the dashboard was still a priority for the Government and it would happen, adding: "The Government remains as committed as ever to making pensions dashboards a reality and we are ambitious about their delivery. I am confident that this re-appraised approach will enable us to make significant progress on delivering dashboards safely and securely, enabling consumers to take advantage of their benefits to plan for retirement."
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