Millions of UK pensioners may soon recover lost pension savings thanks to a new Pensions Dashboard being developed by the Department for Work and Pensions (DWP).
This online tool aims to help individuals track all their pension savings in one place, making it easier to locate and consolidate retirement funds.
With 3.3 million lost pensions in the UK—each worth an average of £9,470—this tool could be a game changer. For those aged 55 to 75, the average lost pension pot rises to £13,620, according to the Pension Policy Institute (PPI).
How the Pensions Dashboard Works
The Pensions Dashboard is designed to provide users with a comprehensive view of their retirement savings, including:
- State Pension entitlements
- Personal pension schemes
- Workplace pensions
This will allow users to track down lost or forgotten pensions, potentially recovering significant amounts of money they may not even know they had.
Why Pension Pots Go Missing
Pensions often go missing due to:
- Job changes – Workers may forget to transfer or track pension contributions from previous employers.
- Relocation – Moving houses without updating pension providers can result in lost correspondence.
- Name changes – Changes due to marriage or divorce may cause discrepancies in pension records.
The Pensions Dashboard aims to address these issues by bringing all pension details together in one secure, online platform.
Industry Reaction and Development Progress
Restart of the Project
The Pensions Dashboard Programme (PDP) initially faced delays after a March 2023 reset, which caused many pension providers to put their dashboard projects on hold.
However, industry leaders, including Anthony Rafferty, chief executive of Origo, believe the recent publication of DWP guidance and FCA consultations will help restart these projects.
Importance of the Dashboard
Chris Curry, head of the PDP, highlighted the importance of the project, stating:
“Pension dashboards will be a crucial tool to support retirement planning. By showing people’s pensions together in one, online and secure place, they will boost pension engagement, benefiting individuals and industry.”
Despite challenges in development, cooperation across government, regulators, and the pension industry remains strong.
When Will the Dashboard Be Available?
Under the DWP’s current timeline, all pension schemes must be registered with the service by 31 October 2026.
This timeline was set by the previous Conservative government, and Labour pensions minister Emma Reynolds has confirmed that the deadline will be upheld.
However, the public launch date remains uncertain. While the government is committed to delivering the project, Emma Reynolds has stated that it is “too early to confirm a launch date”, calling the project a “challenging and complex undertaking”.
How Pensioners Can Prepare
Although the Pensions Dashboard is still in development, pensioners can take proactive steps to track down their lost pensions:
- Use the Government’s Pension Tracing Service – This free tool helps locate lost pensions using previous employer or provider details.
- Check old paperwork – Reviewing past employment records, payslips, and pension statements can provide clues.
- Contact former employers – If unsure about past pensions, reaching out to HR departments may help recover information.
- Update contact details – Ensuring pension providers have up-to-date addresses and personal details can prevent future loss.
Once the Pensions Dashboard goes live, pensioners will have a powerful tool to track, consolidate, and manage their pensions in one place.
This could mean recovering thousands of pounds in lost retirement savings.
