PLSA comments on speculation Pensions Dashboard will be scrapped

The Pensions and Lifetime Savings Association (PLSA) has commented on an article in The Times claiming that Secretary of State, Esther McVey, is considering scrapping the pensions dashboard project.

James Walsh, Policy Lead: Engagement, EU and Regulation, PLSA, said:

“The dashboard would be an essential tool for savers when tackling the minefield that is retirement saving and it’s vital the Government sticks to its word. With the average person now estimated to have 11 jobs over their lifetime, there is the potential for millions of lost pension pots in the future which would mean savers losing out. The dashboard would be crucial in helping people keep track of their money and may even encourage people to save more.  

“The pensions industry is strongly behind this initiative and we fully expect the Government to continue leading on the dashboard as its creation is vital in helping millions of savers have a better retirement.”

-Ends-

NOTES TO EDITORS:

1. Source - DWP - Thousands more make contact with long lost funds

Background statistics

• Of the 25.5 million people in employment during 2016, over 50%, or 13.6 million people, were at high risk of failing to meet the Pensions Commission’s target replacement rate - PLSA, Retirement Income Adequacy: Generation By Generation (2016)
• Of the participants who took part in the PLSA’s research, 80% aren’t sure they’re saving the right amount for retirement, equating to 30.4 million working age people - PLSA commissioned omnibus poll results (2018). Full press release here.

ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION

We’re the Pensions and Lifetime Savings Association; we bring together the pensions industry and other parties to raise standards, share best practice, and support our members. We represent over 1,300 pension schemes with 20 million members and £1 trillion in assets, across master trusts, defined benefit, and defined contribution schemes, and local government funds. Our members also include some 400 businesses which provide essential services and advice to UK pensions providers.

Our mission is to help everyone to achieve a better income in retirement. We work to get more people and money into retirement savings, to get more value out of those savings, and to build the confidence and understanding of savers.

PRESS CONTACTS

Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]

Steven Kennedy, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1737, E: [email protected]

Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]