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UK Treasury cuts to communications budget risk undermining Pensions Dashboards Programme; costs up 23% and connection deadline now October 2026

Published on: 01 August 2024

Published by a Law360 reporter
Legal News
Article summary

Kate Smith, the head of pensions at Aegon, stated on 30 July 2024 that Chancellor Rachel Reeves’s announcement in Parliament on 29 July 2024, confirming a cut to the communications budget, could significantly hamper the government’s capacity to promote the initiative to UK savers. The programme, which has suffered delays, seeks to help employees work out their income in retirement more accurately. The portals—known as dashboards—will allow Britons to find what experts reckon is £26bn in unclaimed savings across roughly 2.8 million lost pension pots. Smith cautioned the reductions could be costly and might ‘jeopardise the success of pension dashboards’...

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