Pension changes due in April 2025 could make managing accounts easier for millions of workers planning their retirement across the UK.

The long-anticipated pensions dashboard is designed to consolidate all  retirement savings into a single, secure online hub. 

Keeping track of pensions is notoriously challenging, with the average worker accumulating 11 different pension pots over their lifetime.

This has resulted in £26.6 billion in lost pensions across the UK, according to the Pensions Policy Institute and the Association of British Insurers.

Experts hope that this new dashboard could be a significant step forward for retirement planning.

Adam Pope, CEO from pension experts Spencer Churchill Claims Advice explains: "The pensions dashboard is a much-needed tool that will give savers a clearer picture of their retirement finances. By offering a single platform to view all your pensions, including the state pension, it will make managing long-term savings easier and help prevent pots from being forgotten or lost."

How will the new pensions dashboard work?

The dashboard, developed by the Money and Pensions Service, aims to connect pension schemes of all sizes to a central ecosystem. Larger schemes must connect by April 2025, with smaller ones following by September 2026.

"Once fully implemented, the dashboard will allow individuals to securely access all their pension information in one place," says Adam. "This is not only convenient but will also empower savers to make informed decisions about their retirement planning."

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When can you use the dashboard?

Although schemes will begin connecting in 2025, it may take until 2027 for consumers to interact with the fully operational system. The dashboard will also be regulated by the Financial Conduct Authority to ensure security and transparency.

"While delays have been frustrating, the staggered rollout ensures that all schemes, large and small, are brought into the system properly. This approach reduces the risk of errors and ensures accuracy for consumers when the dashboard is live," says Adam.

From day one of the rollout, savers will be able to view their state pension through the platform, with the potential for additional dashboards hosted by private organisations over time.

"The pensions dashboard is a fantastic tool, but its success depends on savers actively using it," explains Adam. By engaging with the platform, you can identify any gaps in your savings, track down lost pots, and ensure your retirement plans are on track.

"This initiative isn’t a silver bullet to solve every pension issue, but it will undoubtedly make managing pensions more accessible and transparent for millions of workers."