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UK Treasury launches lost pension tracking project for Brit expats overseas
| Published: | 12 Sep at 6 PM |
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The UK Treasury’s new online project will hopefully be a godsend for long-term Brit expats who’ve lost track of their various employer pension plans.
It’s estimated that the average UK worker will rack up around 11 different jobs over his or her working life, several of which will involve pension plans maturing on retirement. The Treasury’s project, to be known as the Pensions Dashboard, will help retirees who’ve lost track of the various schemes to see them all on one webpage, and is expected to be of especial value to British expats living overseas.
At present there is no way of seeing all a person’s previous pension plans on one database, with around £400 million still unclaimed by workers who’ve paid in to work-related schemes. For those attempting to track down all their employers over a lifetime of work. it’s a tough task, especially if being done from abroad. It's also one which doesn’t appeal to those about to retire.
The Pensions Dashboard prototype is to be compiled by 11 major pension providers and managed by the Association of British Insurers. Its format will be similar to platforms in Sweden, the Netherlands, Finland and Austria and is expected to debut in March next year. UK government economic secretary Simon Kirby told reporters he’s delighted with the pension provider take-up, as it will unlock a massive quantity of helpful information.
Kirby believes the pension industry should rush to catch up along the lines of the online banking services now common for millions of users both home and overseas. Most retirees will need around two-thirds of their working salaries in order to have a comfortable retirement, but comparatively few expats are likely to achieve that figure due to poor planning and a lack of financial stewardship.
It’s estimated that the average UK worker will rack up around 11 different jobs over his or her working life, several of which will involve pension plans maturing on retirement. The Treasury’s project, to be known as the Pensions Dashboard, will help retirees who’ve lost track of the various schemes to see them all on one webpage, and is expected to be of especial value to British expats living overseas.
At present there is no way of seeing all a person’s previous pension plans on one database, with around £400 million still unclaimed by workers who’ve paid in to work-related schemes. For those attempting to track down all their employers over a lifetime of work. it’s a tough task, especially if being done from abroad. It's also one which doesn’t appeal to those about to retire.
The Pensions Dashboard prototype is to be compiled by 11 major pension providers and managed by the Association of British Insurers. Its format will be similar to platforms in Sweden, the Netherlands, Finland and Austria and is expected to debut in March next year. UK government economic secretary Simon Kirby told reporters he’s delighted with the pension provider take-up, as it will unlock a massive quantity of helpful information.
Kirby believes the pension industry should rush to catch up along the lines of the online banking services now common for millions of users both home and overseas. Most retirees will need around two-thirds of their working salaries in order to have a comfortable retirement, but comparatively few expats are likely to achieve that figure due to poor planning and a lack of financial stewardship.
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