The Department for Work and Pensions (DWP) has announced a major milestone in its project to create a pensions dashboard, which could help Britons reclaim an average of £9,470 in lost pension savings. Research by the Pensions Policy Institute (PPI) published in 2024 estimated that up to £31.1 billion is sitting in unclaimed, inactive, or lost pension pots across the UK, with 3.3 million pots considered lost.
Dashboard Progress and Connection Deadline
The MoneyHelper Pensions Dashboard, developed by the Money and Pensions Service (MaPS) – a government body sponsored by the DWP – aims to provide a single online view of all an individual's pension savings. In a progress update this month, MaPS reported that approximately 85% of personal and workplace pensions are now connected to the dashboard ecosystem, alongside the State Pension. All providers and schemes in scope are required to connect by the statutory deadline of 31 October 2026.
How the Dashboard Works
The dashboard will allow users to securely sign in with personal information and see all pensions they have been enrolled on in one place. This is particularly beneficial for workers who have had multiple employers, each potentially enrolling them in a different pension scheme. By consolidating this information, the dashboard aims to reduce the number of lost pension pots. Providers, including all personal pension providers subject to FCA rules and occupational pension schemes with 100 or more relevant members, are legally required to connect.
Government and Industry Response
A DWP spokesperson said: “The successful delivery of pensions dashboards remains a priority for the Government. We welcome the progress our delivery partners have made as well as the continued engagement and cooperation of the pensions industry. We are pleased to see good progress on connection in line with DWP’s staged timetable. With 4 months to go before the statutory connection deadline, it is crucial that industry maintains this momentum.” The Government encourages continued adherence to guidance and standards to ensure the service is secure, reliable, and delivers a positive user experience.
Public Launch Timeline
The dashboard is expected to launch for public use in Financial Year 2027/28, with user testing already underway. Rachel Vahey, head of public policy at investment platform AJ Bell, commented: “With some real progress being made on the project, the DWP, Money and Pensions Service and the pensions industry are keen to keep up the momentum. Provided progress isn’t hindered by any serious bumps in the road we should get a full timeline for a public launch date later this year. Once all pension schemes have connected, and the pensions dashboard has been thoroughly tested to make sure it’s giving people the right information in the right way, the DWP can set a launch date for the public.” She added that this likely won’t be until midway through next year at the earliest, but “there is now some light at the end of the tunnel”.
Benefits for Consumers
Ms Vahey highlighted the consumer benefits: “For consumers it means they’re one step closer to having access to an ‘all in one’ view of their pensions. Getting your pensions sorted is one of the most valuable personal finance tasks you’re ever likely to do, but it is still really tempting to put off doing your pensions paperwork. Dashboards will make it much easier for people and should eventually become a tool that millions of people use to help organise their finances and, in many cases, switch pension accounts to one with better service, pricing and investment choices if they aren’t happy with the pension providers they’ve got today.”
