Pensions Dashboard
Debate between Matthew Offord and Stephen Lloyd(5 years, 9 months ago)
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Dr Offord
I hope that the dashboard provides for those people. I was about to come to a statistic that indicates that many people do not know the size of their pension pot. That has repercussions, particularly when people retire and they suddenly realise that they will not have the level of income or the kind of lifestyle that they had expected or previously experienced. Some 25% of people over the age of 55, including those who are retired, say that they do not know the size of their pension pot. The dashboard will address that. It will offer those people and others the ability to access information about their financial contributions from multiple pensions, any time they want to, on their smartphone, iPad or computer. Effectively, it will bring our pensions into the 21st century.
Stephen Lloyd (Eastbourne) (Ind)
I thank the hon. Gentleman for giving way and for securing this important debate. I have been supporting and pressing for the pensions dashboard for many years, since the time of the coalition. Does he agree that it is crucial that in the next pensions Act, the Government make it a legal requirement for all pension providers to go into the pensions dashboard and provide all the necessary information, otherwise the dashboard will fail? Does the Minister—or, rather, the hon. Gentleman—agree that at this late stage, that is critical?