A Smarter Way to Track Your Pensions

The UK Government are currently in the process of creating a Pensions Dashboard that will allow individuals to view their pensions via a single platform.

What is the UK Pensions Dashboard?

One of the most common questions a financial advisor will receive is asking for their pensions to be consolidated and that they have them with a number of different providers, this will look to resolve this issue. The platform will not provide advice therefore an advisor will still have a role to play in determining if the pension plans are appropriate.

The Pension Dashboard will look to allow users to view all stakeholder pension, however, it may not allow users to view pension in drawdown or annuitised pension schemes. Also, some smaller pension schemes that have under 100 members are not being obligated to connect. Pensions that users have abroad will not be available.

What does this mean for you?

According to the Pension Dashboard website there are already 700 pension providers and schemes that have connected which means over 60 million pension records from workplace and personal pensions will become available. The website explains that if a client is looking for their pensions the Pension Dashboard service will send a message to all providers who have connected then the providers will provide some basic information to the dashboard, the best result will be clients who have forgotten about pensions they had with previous providers being found.

The deadline for providers to connect is the 31/10/2026 with testing taking place thereafter with the hope that the Dashboard is in place for 2027.

If you want to discuss your pensions further, please contact Paul Dhiman.

Gilson Gray Financial Management is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority). Gilson Gray Financial Management is a trading name of Gilson Gray Financial Limited.