New pensions dashboards will offer people access to their information from multiple pensions at a time of their choosing, Work and Pensions Secretary Amber Rudd announced during a visit to Peter’s Food Service in Bedwas today (4 April).
Peter’s, famous for its pies, is one of Wales’ biggest food production employers with nearly 700 employees, more than 100 of whom will reach pensionable age in the next decade.
The pensions dashboards will enable everyone in Wales with a pension to see all the facts and figures about their pension pots and potential retirement income in one place – on smartphones, tablets and computers.
Work and Pensions Secretary Amber Rudd said:
“With record numbers saving for retirement as a result of our revolutionary reforms, it’s more important than ever that people understand their pensions and prepare for financial security in later life.
“Dashboards have the potential to transform the way we all think about and plan for retirement, providing clear and simple information regarding pension savings in one place online. I’m looking forward to seeing the first industry dashboards later this year.”
Welsh Secretary Alun Cairns will accompany Ms Rudd on the visit, where they will meet some of the Peter’s staff who will benefit from the announcement. The company, which has been based in Caerphilly for nearly half a century, makes pies, pasties and rolls which are sold to supermarkets and food-service customers nationwide.
The move has been welcomed by pensions experts. Accountant Sam Green said:
“The issue of pensions from multiple providers has long been a challenge, clients may not even remember every company they worked for, meaning they don’t have the full picture. Knowing what you have saved for retirement can help people make educated decisions on things like equity release or downsizing, or simply staying as they are.
Secretary of State for Wales Alun Cairns said:
“These days you can see most of your financial information online, and accessing your pension pots should be no exception.
“Almost 300,000 more people across Wales are now saving into a workplace pension thanks to automatic enrolment, so there has never been a better time to help people to make informed decisions about their saving options by providing simple information at the touch of a button.”
Mike Grimwood, Managing Director of Peter’s Food Service said:
“As one of the most iconic and popular Welsh brands, we welcome the opportunity to showcase our products as well as our dedicated staff who manufacture and deliver them.
“Peter’s directly employs all of its staff, which is unusual for our sector, and we are proud of the commitment everybody gives to the business. It is critical that everybody plans for their future and anything that helps individuals understand and plan their retirement pensions is hugely important whether it is pensions we provide or other plans.”