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Steve Webb backs ‘pension passport’ reform

Pensions minister Steve Webb has backed calls for a “pension passport” to be introduced to improve the information savers receive from providers about their retirement options.

The Government has long faced pressure from industry campaigners to simplify and standardise the information insurance companies send to their customers.

The pension passport idea, first floated by the Pensions Income Choice Association, would require savers to answer a set of questions about their health and marital status before buying a retirement income product.

They would then be given a document containing the information which they could use to shop around the retirement market.

In a letter to Money Mail, Webb says: “All too often people have multiple pension pots built up at different points in their working life and we need to do more to make sure that this information is brought together in one place.

“Amazingly, the average Briton has 11 different jobs in their lifetime. Even a financial expert would have trouble keeping track of 11 different pensions and understanding the retirement income they could expect from them, so what hope for the rest of us?

“A pension passport which consolidates this information would be a welcome step, and we are already talking to providers about making sure that the information they provide to savers is consistent and easy-to-understand.”

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