LONDON (Reuters) - A common platform to enable British savers to group all their pension pots in one place and potentially recover 400 million pounds in lost savings should be ready by March 2017, Britain’s finance ministry said on Sunday.
The government-backed “pensions dashboard” has signed up 11 of Britain’s largest pension providers, the Treasury said in a statement.
A British person has an average number of 11 employers during their working life, which could mean holding 11 different pension pots, making it hard to keep track of them.
Around 400 million pounds in UK pensions savings are currently unclaimed, the Treasury added.
Austria, Finland, the Netherlands and Sweden already have similar platforms, a Treasury spokeswoman said.
Pension providers involved in the pilot project are Aviva (AV.L), Aon (AON.N), HSBC (HSBA.L), LV= LV.UL, NEST, Now:Pensions, People’s Pension, Royal London ROLGPI.UL, Standard Life SL.L, Zurich (ZURN.S) and Willis Towers Watson (WLTW.O).
The Association of British Insurers will manage the pilot.
Reporting by Carolyn Cohn; Editing by Greg Mahlich