The Pensions Dashboard was intended to be a service that would enable pension recipients to be able to keep track of their pension pots and the different investment options open to them.
Given the changing nature of employment in this country, it is very rare for people to have a single job for life and a single pension pot to accompany that. Instead, on average, people have 11 different jobs across their working lives – with the possibility of a number of pensions to be paid upon retirement.
The Department of Work and Pensions has decided not to proceed with launching the Dashboard.
I am extremely disappointed that this decision has been made.
Independent analysis shows that by scrapping the Pensions Dashboard, savers will be at risk of losing up to £15,000 in income from dormant pension pots, due to them being less able to track their pension investments.
The decision to scrap the Pensions Dashboard appears to be based on a short-term desire to save money. But restricting people’s access to information about their pensions would be a false economy – especially given the money that has already been invested in designing the system.
The Government should do its utmost to ensure that the pensioners of the future have the best possible range of information available to them. Everyone should have access to the right information to make informed financial decisions about their futures.
I have a consistent track record of campaigning for pensioners’ rights. I have previously campaigned for a more effective Pensions Regulator, and I am a staunch supporter of the WASPI women’s campaign. As the MP for Barnsley Central, I represent a town that was built on coal – which is why I am currently working with my fellow coalfield MPs to improve the Mineworkers’ Pension Scheme for retired miners and their families.
I have always fought for better access to pensions, and I will, therefore raise this important matter with the Government, and ask that improved accessibility to pension options and information is prioritised in the future.