Track your Lost Pensions and don’t Miss out
It is believed that a British person has an average of eleven employers throughout their life. As a result you probably have several different pension schemes by the time you retire. If you have moved abroad becoming an expat, then pension schemes that go back decades are easily missed.
A new Pensions Dashboard is to be unveiled by the UK Treasury which should solve this problem. For the first time you will be able to see all of your pensions in one place. This has been welcomed by the financial planner community.
The Department of Work and Pensions (DWP) estimates that around £400 million (DH 1.9bn) of pension savings remain unclaimed.
The Pensions Dashboard is expected to go live in March 2017. It is to be developed by eleven of the largest pension providers in the UK, and will be operated by the Association of British Insurers (ABI). Finland, Sweden, Netherlands, and Austria have similar schemes.
Simon Kirby, the economic secretary for the UK Government, said:
“The Pensions Dashboard will unlock a huge amount of information that will help people make the best choices for them and I am delighted that 11 of the largest pension providers have agreed to work together to build a working prototype by March 2017.
“Technology, like mobile phone apps, has made day-to-day banking easier than it has ever been and it is time for pensions to catch up. Think of a future where you can compare your pension pots with the touch of a button.”
Keeping Track of your Retirement Funds
The new Pensions Dashboard will allow you to see the value of your pension fund. This information is valuable as you will see the full picture of your retirement assets, and plan your retirement more effectively.
Research from the National Bonds Corporation in the UAE suggests that you will need a pension pot roughly two thirds of your income for retirement, and that most expats are failing to meet this target. Hopefully the Pensions Dashboard will help you and other expats have a better retirement.
Seeing the information is only half of it. You also need to be sure that your pension funds are performing as well as they can. To ensure this is happening, click here and complete the CALL BACK SERVICE form. My award financial planning advice will give you a better retirement.
Source: The National