Mike Teall, a pensions expert at PA Consulting Group, comments in Amanda Newman-Smith's latest feature in Money Marketing. The piece talks about the introduction of the pensions dashboard, an idea devised as a way for people to see all their pensions in one place, including those they may have lost touch with over time, so they could make informed decisions about them.
Mike says that although the rollout will need to be phased, the dashboard could still be useful from day one – as the Association of British Insurers' (ABI) prototype has shown. However, he says, the ABI research lacks a segmented view of how useful it could be.
Mike continues: “An audience of over-55s approaching retirement with a mixture of defined benefit and defined contribution pots, potentially approaching their lifetime allowance, may be deterred by a lack of DB functionality. But perhaps for the under-30s, moving from one DC auto-enrolment scheme to the next with minimal savings in each, there could be some immediate benefit of viewing combined savings, understanding their growing but insufficient wealth, and engaging in retirement savings like never before.”
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