UK. Delivering pension dashboards
The inclusion of the pension dashboards among the announcements in the Queen’s Speech on October 14 was an important step forward for this initiative, reflecting support from the government and enabling the industry to move forward to deliver dashboards with renewed vigour and certainty.
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While it has been pointed out that a lack of government majority in parliament means the proposals contained in the pensions bill might not necessarily all go ahead, pension dashboards have crucial cross-party support as well as champions within the Department for Work and Pensions, including pensions minister Guy Opperman, who have made it clear that dashboards are essential to those approaching retirement.
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An ageing population and increased life expectancy, the shift to defined contribution pensions and the increased pressure on state pension provision, mean individuals must now take on greater responsibility for saving and investing for their retirement years. People need to know what pension savings they have and where they have them, along with guidance on how to prepare for retirement with greater confidence.
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