Written by Anthony Rafferty, CEO Origo
The Pensions Policy Institute has revealed that the total value of lost pension pots has increased by £7.2 billion over the last four years to £26.6 billion, with the average value of a lost pots estimated at just under £9,500.
This is a significant amount of money that is currently outside of individuals’ control. Missing pots of this size and over could considerably affect an individual’s retirement planning, particularly over the long term, as well as their estate planning, through pension death benefits.
This value of lost pots shows the very real need for pensions dashboards, which will enable pension holders to identify and see their pension policy data.
The current cost of living crisis has brought home the importance of financial planning and long-term saving. Having pensions information at their fingertips can only drive up pension holders’ engagement with their savings and help them make more informed decisions around their financial planning, in turn improving financial wellbeing in the UK.
Origo has been passionate about and fully committed to progressing pension dashboards from the day the project was announced and we are proud to be the technology provider selected by the Pensions Dashboards Programme to deliver the core elements of the central digital architecture.
The next stage of the dashboard technology journey is for pension providers, schemes and third-party administrators to decide how they will connect to the dashboard, which for most will be via an Integrated Service Provider (ISP), such as the Origo Dashboard Connector.
Origo is looking forward to seeing the industry bring the pension dashboard to life for UK consumers.”