A new advisory group has been set up to help deliver for the first time a joined up picture of people’s likely pension.
The Pension Forecasting Advisory Group chaired by the DSS, and with members drawn from the pensions industry and employers, will consider how to deliver the Government’s proposals for combined pension forecasts with a minimum burden for employers and pension providers.
With the decreasing value of the state pension, many people look to their employer’s pension scheme or to a private pension firm to top up their income in retirement.
The development of pension forecasts, which combine state and private pension rights, will provide people with clear information in one place about the sort of overall retirement income they might expect. This will enable them to make informed decisions about what provision they need to make to achieve a decent income.
Pilot exercises are already running to provide such combined information with employers like Sainsbury s, Unigate, Marks & Spencer and EMAP.