Aug 14th, 2018
Pensions Dashboard
By Becca McCarthy
Most of us will have many different jobs over our working life. That means lots of different pension pots. It can be hard to keep track of where your money is. [1] Now the government wants to ditch the public service that helps us find all our pension pots as we near retirement. It could mean us losing out on money we’re owed. [2]
Welfare minister, Esther McVey, reportedly wants to scrap the ‘pensions dashboard’ website because she thinks it isn’t the government’s job to help us keep track of our pensions. It’s been splashed all over the news and her plans have outraged MPs, the public and financial experts. [3]
But with enough public pressure we could force Esther McVey to keep the pensions dashboard. Will you add your name to the petition?
The government has admitted that without the dashboard to help us, the british public could lose out on 50 million pension pots by 2050. [4] The dashboard has the support of the pensions industry, and is almost ready to be launched. Yet despite all the work that’s already gone into it, the new welfare minister wants to drop it. [5]
The 38 Degrees petition is already making waves in the media. The Financial Times reported the story with the headline “Pension dashboard petition gets 80,000 signatures”! [6] The number has kept climbing since then, and every extra signature adds to the pressure on the government not to scrap this valuable service.
NOTES:
[1] The Telegraph: Fraudsters could fill the gap if Government drops pensions dashboard, experts warn:
https://www.telegraph.co.uk/pensions-retirement/financial-planning/fraudsters-could-fill-gap-government-drops-pensions-dashboard/
[2] Your money: Online pension dashboard could be scrapped
http://www.yourmoney.com/retirement/online-pension-dashboard-scrapped/
[3] CityAm: Pensions dashboard: Why it would be crazy to ditch one of the most common sense ideas to come out of government:
http://www.cityam.com/289682/pensions-dashboard-why-would-crazy-ditch-one-most-common
[4] See note 1
[5] See note 2
[6] FT Advisor: Pension dashboard petition gets 80,000 signatures:
https://www.ftadviser.com/pensions/2018/07/23/pension-dashboard-petition-gets-80-000-signatures/
