The Pensions Dashboard Working Group has been set up to help make pensions easier to understand. Individuals will be able to view their pensions via their chosen dashboard. Pension providers will be required to ensure the data they hold is consistent with data standards so consumers can access information, while users will need to share their personal data so they can be matched to their pensions.
Income data will provide the individual with an estimated retirement income and the date payable. It will also give the current value of a person’s pension pot if they have defined contribution pensions.
UK-based state and private pensions will be included in the first release of pensions dashboards which should be around 2023.