The government delay of the pensions dashboard could cost you tens of thousands of pounds 💷 The total value of pension pots that are lost is now £26 billion. This number will only get higher thanks to delays ✒️ rebeccaoco
Another big change that has fuelled the lost pensions problem is people frequently moving home. In your twenties, you are as likely to have five different addresses as you are five different jobs. In the rush of life, you also might not quite get around to telling all of your old providers about your move.
Passivity is baked into the system. The problem with this is that we suddenly require people to be very active about their pensions a few years before. This is a serious gear shift in engagement that is hard to cope with and unfair. You can’t make it OK for people to not have to think about pensions for their entire working lives and then suddenly, prior to reaching age 55, the age you can first access your pensions, ask them to snap into action and know what to do.
So while the Pensions Dashboard programme may not be high up on your personal list of Government asks – you might be more animated about the NHS, or education, for instance – the potential loss to us as individuals from this programme not going ahead could be high. £9,470 is almost the equivalent of one year of full, New State Pension. It could be the difference between retiring at 65 or 66.
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