Commenting on the DWP’s news1 that there have been 10 million forecasts generated through the Check your State Pension service Royal London’s Director of Policy, Steve Webb said:
"This is a very significant milestone and shows the huge level of public interest not only in their private pension but in their state pension. For that reason, it is vital that the proposed pension dashboard includes state pension information from the outset. The new state pension system is designed to be simpler, and most younger workers will simply get the new flat rate. But the transition to the new system will take some years and it is important that older workers in particular use the online service to make sure that they know exactly what they are going to get."
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June.
At Royal London, we’re proud to champion the value of impartial advice. We believe it plays a crucial role in connecting people with the products that are right for them – and is key to delivering better outcomes and experiences for our customers. At the same time, it helps to build trust in our products and services.
Royal London works alongside advisers not in competition with them. That’s why we’ve made some key commitments to the intermediary market. You’ll find more detail on our commitment to advisers at http://adviser.royallondon.com/campaigns/our-commitments/