Budget: £5m set aside for Pensions Dashboards

In its Budget documents, the government said it supports the launch of multiple Pensions Dashboards which will allow savers to see multiple pension pots, including the State Pension, in one place.

The Budget confirms that the DWP will consult later this year on the design for an "industry-led approach" to Pensions Dashboards.

Kate Smith, head of pensions at Aegon, commented: “It’s good to see some government money earmarked for the Pensions Dashboard in 2019-20, even though it will largely be financed by the pensions industry. With so many pension pots disappearing into the potholes of working life, we’re pinning our hopes on the Pensions Dashboard to solve the issue of lost pension pots.

“The pension dashboard is likely to lead to greater consolidation of small pension pots and we are waiting patiently for the government to publish its much delayed feasibility study which is key to the industry being able to move forward with developing the dashboard initiative.

“This funding indicates that things are moving in the right direction and the dashboard will become a reality soon.”

Rachel Vahey, product technical manager at Nucleus, added: "The government gave its strongest hint yet that the pensions dashboard will include both private pensions and State pensions. This is good news. State pensions make up a significant part of people’s later life income, so missing them out gives a false impression of someone’s overall income. However, there was no sight yet of the DWP’s feasibility study on the dashboard.”