Other countries, such as Australia, Sweden and the Netherlands, have already provided a single place where citizens can see all or most of their pension rights in one place.
The Government currently has a target date of 2019 at the earliest, but Royal London is concerned that "even then it is not clear that the dashboard will cover all of the many different types of pensions which an individual might hold".
A Pensions Dashboard would allow individuals to see their pensions in one place and hopes to link consumers with lost pension pots from previous employments. It is also expected to encourage people to seek advice as to whether their pension savings are in the best place.
In its report, Royal London argues that despite different government departments and industry groups being involved in pilot projects linked to the Dashboard idea, "so far there has been little co-ordination or clear governance of the project".
Steve Webb, Director of Policy at Royal London, said:
“Citizens of countries such as Australia, Sweden and the Netherlands already have the benefit of access to Pensions Dashboards where they can see all their pensions in one place. It is unacceptable that the UK is in the ‘slow lane’ and our savers are being left behind. Getting the many different parties involved to work together in the interests of the consumer is a big job and may even require legislation. Government has been too ‘hands-off’ to date and needs to drive this project forward, otherwise savers will continue to have far too little information about their overall pension position”.
