Pension dashboards will be a great way to see all your retirement savings in one place. As part of being ‘Member-First’, Clara is getting ‘dashboard ready’.

Most people will have more than one job during their working life. That means most people will have more than one pension pot. Some of these pensions might be very large but others might be from only short periods of work and quite small; perhaps they’ve even been forgotten about. This can make saving for retirement overly complicated as you try to keep track of them all.

The Government has been working with pension schemes to come up with a solution. Imagine if after providing your name and some other basic details online you could see all your pension pots in one place. This is a known as a ‘pension dashboard’ and will be launching in the near future.

Once you can see all your pension pots in one place, you’ll be better placed to see your whole retirement savings and find ‘lost’ pots.

• If you’re retired, the Government plan is that you won’t be able to see pensions in payment but it can help remind you about any pension pots you haven’t yet claimed.
• If you’re not yet retired, it can help you understand when you might retire and how much you might receive. You’ll also be better able to consider if you should be saving more.

Clara is working to ensure that the personal details of members can be shared on pension dashboards, so that members can see their Clara pension alongside all their other retirement savings. This is known as being ‘dashboard ready’ and is about having  computer systems that can safely, securely and correctly share information. It’s also about ensuring that the personal information we hold for you and other members is correct – you can therefore help us by keeping your personal details up to date. Your personal information is only shared with pension dashboards so you can see all your different pension pots – this is not shared with anyone else and will not be able to be accessed by others using the dashboard.

All pension schemes are having to do this. Smaller schemes and schemes where members have just joined the pension scheme are being given longer to do so.

At Clara, we think being ‘Member First’ includes our member experience – it isn’t just about your pension being more secure. Part of that is supporting pension dashboards. We’re therefore working to ‘plug in’ to pension dashboards earlier than we’re required to. We think this is good for our members.

We’ll let you know when pension dashboards launch, which is expected to be in 2024. We’ll also let you know when you’ll be able to see your Clara pension on the dashboard of your choice. In the meantime please do keep your personal information with us up to date.