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, with an estimated £20 billion extra pension saving by 2019/20. 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. The Pensions Dashboard will offer people the opportunity to access their pension information in a clear and simple form, bringing together an individual's savings in a single place online.
The Government backs industry to deliver the Pensions Dashboard. The work that the Department for Work and Pensions (DWP) has done in assessing feasibility for a Pensions Dashboard has made it clear that the size or complexity of the challenge should not be underestimated. An industry-led dashboard, facilitated by government, will harness the best of industry innovation. The DWP will continue to engage with industry on this model and Government will protect pension savers and personal information by legislating where necessary. This is will build on the DWP's 'Check your State Pension' online service, which has already provided over 9 million estimates since 2016 to help people forecast their State Pension. The DWP will report on the findings from the Feasibility Study.
To improve financial capability and understanding the DWP is also introducing 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. This means that people, especially those who are struggling, can make informed choices about their finances.
I would also like to take this opportunity to clarify that the 50 million figure that has been referred 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 am grateful to you for letting me have your views.