Prime Minister Theresa May has outlined her commitment to the launch of the so-called 'Pensions Dashboards' initiative.
The new Pensions Dashboards will enable workers to view their future retirement funds on their mobile phones and tablet computers.
A feasibility study on the development of hi-tech tools has been launched, with the stated aim of analysing how multiple pensions from different workplace and private schemes can be brought together in one place. This would allow savers to understand what income they can expect in retirement.
Pensions Minister Guy Opperman stated that the Pensions Dashboards initiative could 'revolutionise' the way in which workers prepare for retirement. He commented: 'Having pensions information at the touch of a screen will ensure better-informed, more engaged savers and help many more people to plan effectively for retirement.'
Meanwhile, the Prime Minister said: 'Bringing pensions online will transform retirement planning – giving people straightforward access to all their pension information in one place.
'I welcome the industry's commitment to make this new technology a reality.'
The first Pensions Dashboard is expected to go live in 2019.