DWP develops Pensions Dashboard to recover lost pensions averaging £9,000

The Department of Work and Pensions (DWP) is developing a Pensions Dashboard aimed at helping individuals recover lost pension pots, which could provide an average boost of £9,000 to retirement savings. A report from the Pension Policy Institute indicates that approximately 3.3 million pension pots have been lost in the UK, averaging £9,470 each, with higher values for those aged 55-75. The new tool will allow users to view their personal, workplace, and state pensions in one location, streamlining the planning process for retirement. To ensure comprehensive participation, all pension providers will be required to register with the service by October 31, 2026. The launch of the dashboard has faced delays but is now being prioritized by the government, with a commitment to enhance awareness and understanding of pension information. Minister for Pensions Emma Reynolds has emphasized the importance of this initiative in helping individuals feel confident about their retirement.