According to the Government, the proposed pensions dashboards are one part of the Pensions Bill, which will be consulted on by the end of the term.

The dashboard will be user-friendly, transform the UK’s retirement savings culture, and help people see clearly and simply how much money they have saved for retirement.

In addition to the improved mechanism for checking pensions, millions of people could soon have the option of transferring to a new type of pension scheme which could offer improved returns via the introduction of the first Collective Defined Contribution (CDC) pension.

Automatic enrolment has improved the statistics on how many people are transferring savings into their pension, and statistics show that the figure of pension users has jumped to 10 million people.

As the Secretary of State commented, with record numbers saving for retirement, it is more important than ever that people understand their pensions and prepare for financial security in later life.

Andrew Hennah, Director at Milsted Langdon Financial Planning said: “The Government has announced that the Pensions dashboard will be a key aspect of the Pensions Bill.

“If you are concerned about your current financial plans for life after work, then it is important that you contact one of our expert team for an in depth discussion on the range of financial planning options available to you.”