Automatic enrolment has doubled the number of people who are saving for a pension. While this is positive, there is clear evidence that workplace savers pay little attention to their pensions, and lack understanding on how to plan for later life.
Individuals need to keep track of the pensions they have accumulated from multiple employers in order to know if they are saving enough for retirement. However, for individuals with a multiplicity of small pots, keeping track of all their pensions is tricky.
The Pensions Dashboard will ensure people can get a full view of all their retirement savings in one place and make more informed decisions about their financial security.