I firmly believe that creating a strong savings culture will help 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, I agree with you that 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.

At present, the DWP is also carrying out 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.

I would also like to take this opportunity to clarify that the 50 million figure you refer to was an estimate made by the DWP in 2012 of the number of dormant, not lost, pension pots by 2050. The Pension Tracing Service was launched to help people more easily locate their pension savings. In 2017/18, this service undertook around 1.2 million customer traces.

I am determined to ensure this culture of savings continues and I will be following this issue very closely.


Contact Dr Dan Poulter

Click here to contact Dan

Dr Dan's work in Parliament

Mental Capacity (Amendment) Bill [Lords]: Schedule to Be Inserted as Schedule Aa1 to the Mental Capacity Act 2005 (12 Feb 2019)
Daniel Poulter: I thank my hon. Friend for the conciliatory way in which she has gone about dealing with this Bill, engaging with colleagues on both sides of the Houses, and putting forward some good and sound amendments to get the Bill to a better place. However, on the issue of funding, which was raised during the debate earlier, if we are going to make social care legislation or legislation of this sort...

Mental Capacity (Amendment) Bill [Lords]: Extent, Commencement and Short Title (12 Feb 2019)
Daniel Poulter: I can understand where the hon. Lady’s concerns come from, but having had detailed discussions with my hon. Friend the Minister, I am reassured, perhaps more than the hon. Lady is, by the systems and some of the amendments that have been put in place to take into consideration concerns about conflicting provider interest. She makes a good point on the lack of funds and resources and...