Pension Changes April 2025 Will See New Pension Dashboard Launch
The new pension dashboard will help people track their retirement savings easily
Pensions, UK, Retirement, Savings, Financial Services
London: The new pensions dashboard is coming in April 2025. It will gather all your retirement savings in one secure online place. This makes it easier to keep track of your pensions.
Many people have trouble managing their pensions. On average, a worker has 11 different pension pots. This confusion has led to £26.6 billion in lost pensions in the UK.
Experts believe the dashboard will help with retirement planning. Adam Pope, CEO of Spencer Churchill Claims Advice, says it will give savers a clearer view of their finances.
How Will the New Pensions Dashboard Work?
The Money and Pensions Service is developing the dashboard. It will connect all pension schemes to a central system. Larger schemes must connect by April 2025, while smaller ones will follow by September 2026.
Adam explains that once it’s fully set up, people can access all their pension info in one spot. This will help them make better decisions about their retirement.
When Can You Use the Dashboard?
While connections start in 2025, the system may not be fully operational until 2027. The Financial Conduct Authority will regulate it for security and transparency.
Adam notes that the staggered rollout helps ensure accuracy. From day one, savers can view their state pension, with more features coming later.
He emphasizes that the dashboard is a great tool, but it needs active users. Engaging with it helps you find lost pots and track your savings.
While it won’t solve every pension issue, it will make managing pensions easier for millions.