Benefits of Pensions Dashboards

Publication date: 12/06/2024 13:53:16

The Pensions Dashboard project had a reset last year and a new connection deadline for all pension schemes of 31st October 2026 has been announced.

 Pension Schemes will have to join in phases and the guidance specifies 31st October 2025 for public service pension schemes such as Shropshire County Pension Fund. This is the date we will have to make sure we can supply information to the dashboard but the date for when this will go live for members will be later than this.

 Research has shown that 55% of individuals have undertaken no pension engagement activities in the past year and 51% have found it challenging to access their pension information.

 Pensions dashboards will enable individuals to access their pensions information online, securely and all in one place. The project aims to increase a member's engagement and understanding of their pension, allow them to gain easy access to impartial guidance and improve a user's financial wellbeing.

 By using pensions dashboards, members will be able to see an overview of how much their savings could be, encouraging members to make more informed decisions to get the best out of their retirement. Members will be able to easily access the information that they require and will gain the opportunity to locate pension pots that may have become lost or forgotten over time.

 Dashboards will therefore support a members' planning for retirement and will help people to make better pension choices with increased confidence.

If you would like more information on the benefits of pensions dashboards, visit the Pensions Dashboards Programme website.

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