Bringing your pensions together

A long-awaited way to view your pension savings in one place is finally taking shape

For years, savers have been promised a simpler way to track their pension savings. The concept is straightforward: instead of searching through old paperwork, logging in to multiple providers, or trying to remember where a former employer’s pension scheme is held, you could eventually see your pension information securely in one place.

That is the purpose of the pensions dashboard initiative. It is designed to enable people to view information about their workplace and personal pensions online, helping them reconnect with lost or forgotten pension pots and build a clearer picture of their retirement savings.

A clearer view of your pensions

The government-backed MoneyHelper Pensions Dashboard is being developed by the Money and Pensions Service (MaPS). It is intended to be free to use and will complement the wider guidance and support.

Rather than providing financial advice, the dashboard is designed to give savers a consolidated view of their pension information. This could make it easier to understand what they have accumulated and to identify where further action may be needed.

Finding forgotten pension pots

One of the biggest potential benefits is pension tracing. It is common for people to accumulate several pension pots throughout their working lives, particularly when changing jobs. Over time, it can become surprisingly difficult to remember which providers hold those savings.

The dashboard should make this process easier by enabling users to search for their pension records and view information in one place. For someone with multiple pension pots, this could provide a much clearer picture of their overall retirement position and highlight pensions they may have forgotten about.

Why has it taken so long?

Although the concept sounds simple, building the infrastructure behind the dashboard has been a major undertaking. Pension providers and schemes have had to connect their systems, improve the quality and accuracy of their data, and ensure that sensitive financial information can be exchanged securely.

The timetable has also changed. The Pensions Dashboards (Amendment) Regulations 2023 replaced the previous staged approach with a single legal deadline, requiring relevant pension schemes and providers to connect to the ecosystem.

The countdown is underway

That deadline is approaching. Pension schemes and providers within scope must be connected to the pensions dashboards ecosystem and able to respond to information requests by 31 October 2026 at the latest.

For consumers, however, this does not mean the dashboard will automatically be available from that date. Connecting pension schemes is an important milestone, but the public launch depends on the wider system being ready.

When will you be able to use it?

This is where some uncertainty remains. There is currently no confirmed public launch date for the MoneyHelper Pensions Dashboard. The latest plans indicate it is expected to become available in the 2027/28 financial year.

Before the dashboard can launch, the service needs to demonstrate that the underlying ecosystem is safe, secure, reliable and sufficiently comprehensive. Consumer testing is also ongoing, helping to identify potential issues with the user experience before the service becomes available more widely.

What should savers do now?

There is no need to wait for the dashboard before taking control of your pension savings. If you have changed jobs over the years, now could be a good time to check that you know where your pension pots are held and that your providers have your current contact details.

It is also worth reviewing your expected retirement income and assessing whether your current pension contributions are on track to meet your objectives. The dashboard should eventually make this process easier, but it will provide information rather than personalised financial advice.

Making your pensions work together

Once available, the pensions dashboard could be a valuable tool for anyone with multiple pension pots. A clearer picture of your savings may help you make more informed decisions about your retirement and identify areas that need further attention.

However, simply seeing your pensions in one place does not necessarily mean that combining or changing them is the right option. Different pensions can offer valuable benefits, guarantees or investment arrangements that could be lost if you transfer them.

Is it time to get your pensions on track?

We can help you understand your existing pension arrangements and consider whether there are steps you could take now to strengthen your retirement planning.

If you would like further information about the pensions dashboard, tracing old pension savings, or reviewing your retirement plans, please get in touch.

THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE. A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028, UNLESS THE PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO UP OR DOWN, WHICH WOULD AFFECT THE LEVEL OF PENSION BENEFITS AVAILABLE. INVESTMENTS CAN RISE OR FALL IN VALUE, AND YOU MAY RECEIVE BACK LESS THAN YOU INVESTED.