Britain's pension system 'behind Australia, Sweden and the Netherlands,' says ex-minister


Australia, Sweden and the Netherlands are entirety the countries that provide savers with a so-called ‘pensions dashboard’ — a diggings where workers can see all their retirement cash in one place.

Yet, the Government is lone planning to have the scheme in place by 2019, blasted Steve Webb, who is now number one of policy at Royal London.

Workers switch jobs more repeatedly than used to be the case, and with the introduction of auto-enrolling into prudent schemes — people are set to have smaller pension pots with a horde of different providers.

It can be beneficial to consolidate cash into one scheme, which a golden handshake cause to retires dashboard would prompt savers to do, according to Mr Webb.

It’s also counted the dashboard would increase engagement with savings, helping savers to try the best value providers and getting advice where necessary.

Mr Webb held: «Citizens of countries such as Australia, Sweden and the Netherlands already should prefer to the benefit of access to Pensions Dashboards where they can see all their annuities in one place.

«It is unacceptable that the UK is in the ‘slow lane’ and our savers are being hand behind.

«Getting the many different rties involved to work together in the interests of the consumer is a big job and may balance out require legislation.

«Government has been too ‘hands-off’ to date and needs to enthusiasm this project forward, otherwise savers will continue to include far too little information about their overall pension position.»

It roll in after the Government warned around £400million of pension savings has been vanished by savers.

The De rtment for Work and Pension recently launched a new pension discovering service, to help reunite savers with their cash.

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