A total of seven out of 10 UK workers with a private or workplace pension favour a single pensions dashboard to help them attain a better understanding of their savings, The People’s Pension has found.

According to research from The People’s Pension, conducted by YouGov this year, six out of 10 UK workers with a workplace or private pension don’t know where the details of all their pensions are and almost half, 47 per cent, don’t know how much they have saved.

A further 22 per cent have lost track of a pension pot and almost a third, 29 per cent, are unaware of which provider their current workplace pension is with.

As a result, The People’s Pension supports calls for a single, public-good dashboard that is “free from commercial conflict and backed up by legislation” to ensure that providers comply with the provision of necessary data.

The People’s Pension director of strategy and innovation Dave Brown said: “The current pensions system creates too many hurdles for people who want to find out how much they’ve saved and puts people off from planning for retirement until the last minute.”

Brown added that with people building multiple jobs from around 11 jobs in their lifetime, there is “a very real risk that pots will be lost or forgotten, with people left unaware of what they’ve saved.”

As a result, “the pensions dashboard is vital to help people know how much they’ve saved and where their savings are, Brown said. “It has real potential to revolutionise retirement planning, but only if people can see all their pensions in one place.

“A single dashboard, free from commercial conflict and backed up by legislation, as called for by cross-party MP’s, will save people significant amounts of time, stress and hassle. It will ensure they keep track of all their savings, have all the information needed to make the important decisions about their financial future, and will allow them to watch their savings grow and compound over time, helping them to understand what their retirement might look like.”

Nonetheless, the survey also noted that on average, 61 per cent of UK workers said that they are aware of the name of their current workplace scheme. A further 40 per cent said they know where all the details of their pension pots are and the same number said they’d be “very interested” in a website where they can see all of their pension pots in one place.

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