I think that it is important to ensure we encourage a savings culture which helps secure a better future for individuals across the UK; this means helping people plan and save effectively for their retirement.
This year it is expected that 10 million people will be newly saving or saving more as a result of Automatic Enrolment. This key reform is making saving into a pension a social norm once again. As more people become savers, it is important that people have access to as much information as possible to help them make informed decisions about their retirement.
This is why the Department for Work and Pensions (DWP) is establishing a Single Financial Guidance Body which will bring together the provision of free and impartial debt advice, money guidance and pensions guidance to deliver a more streamlined service to consumers. The 'Check your State Pension' service has also provided over 9 million estimates since 2016 to help people forecast their State Pension.
The DWP is currently undertaking feasibility work to explore the complex issues associated with the development of a Pensions Dashboard. This work is ongoing and the DWP will report back to Parliament with their findings in due course.
Thank you for taking the time to contact me and in view of the number of similar emails which I have received from other constituents, please be assured that I will be monitoring developments in this respect.