Aviva is calling for the development of a pension dashboard to provide consumers with a single view of their pension savings.
This would promote greater engagement as consumers are more likely to take an active interest in their finances if they have better access to simple information giving them a clear picture of all their pension savings.
Consumers already have access to a variety of financial planning tools, including retirement calculators. Aviva believes consumers would get much greater value from these tools, and be more inclined to use them, if they had an aggregated view of all their pensions, and therefore a better understanding of their overall financial position.
Aviva is calling for an industry-led initiative to develop the dashboard, with support from regulators and government, with the aim of giving consumers greater incentive to play a more active role in their own pensions and finances.
It is clearly important that consumers have confidence in the dashboard and Aviva is calling on other pension providers to support the initiative and to work with government, regulators, consumer bodies and other interested parties to ensure that the best solution can be put in place for consumers.
Clive Bolton, Managing Director, Retirement Solutions, Aviva UK Life, said:
“Many people have a number of different pension pots built up over the course of their working lives as they move from job to job. A pension dashboard would give people a clear view of all their pensions in one place. We believe this would encourage more savers to take an active role in planning for retirement.
“Rather than wait for government to legislate, we believe that a progressive coalition of providers, government, regulators and consumer representatives could deliver a solution faster. Urgent action is needed to encourage people to take an active interest in their retirement savings as we know that people are not saving enough for retirement. We believe the introduction of a pension dashboard would be a positive step in encouraging greater consumer engagement.”
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If you are a journalist and would like further information, please contact:
Ben Moss in the Aviva Press Office
T: 0117 928 5843
M: 07827 832 395
@: ben.moss@aviva.com
Notes to editors:
• Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide
• In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
• Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £245 billion in assets.
• Aviva helps people save for the future and manage the risks of everyday life; we paid out £24.6 billion in benefits and claims in 2014.
• By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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* Before the deduction of overlapping customers.