Thousands of people mis-sold pensions might be unaware that their savings pots could be worth a fraction of their value, as the Government launches its consultation on draft Pensions Dashboard Regulations.
With record numbers of people now saving for retirement, if rolled out, the new scheme will allow individuals across the country to view their pensions in one place.
Agreeing the idea is a good one, ME Group CEO, Rob Cooper, is concerned about the countless people who will retire having suffered substantial losses to their portfolio as a result of having been mis-sold.
ME Group’s litigation funding and LegalTech allows law firms to bring more justice to victims of mis-selling.
Speaking about the issue, Mr Cooper said: ‘Anything that provides transparency for consumers is a good idea.
‘Those who have worked hard all their lives deserve security in retirement and making it easier for them to see their savings can only be beneficial.
‘There are thousands of people up and down the country who have been mis-sold pension products, and the lack of transparency and visibility of their retirement pot means they may never realise until it is too late.
‘The sad thing is, they may never know the true value their pension could have been.
‘We’re committed to continue helping the fight for justice so everyone can live a better life in retirement.’
The Government’s plans to modernise the industry with the pensions dashboard, is aimed at creating more engagement between people and their pensions.
The Department for Work & Pensions has opened their consultation for responses until 13th March 2022.
Along with a number of organisations supporting the roll-out, the FCA have also proposed several measures for pension providers.
These include a requirement for them to be ready for requests to find pensions and search records for data matches, as well as supply specified information for consumers to view on their chosen dashboard.
In a statement on the FCA website, Sarah Pritchard, Executive Director of Markets at the FCA, said:
‘We are one of many organisations involved in making the pensions dashboards a reality, and we are working closely with the Government and others in support of their rollout.
‘We hope that the dashboards are successful in making it easier for consumers to access and engage more pro-actively with their pensions and support decision making on retirement planning.’