I firmly believe that creating a strong savings culture will help secure a better future for individuals across the UK. This means helping people plan and save effectively for their retirement.

This year it is expected that 10 million people will be newly saving or saving more as a result of Automatic Enrolment. This key reform is making saving into a pension a social norm once again. As more people become savers, I agree with you that it is important that people have access to as much information as possible to help them make informed decisions about their retirement.

This is why the Department for Work and Pensions (DWP) is establishing a Single Financial Guidance Body which will bring together the provision of free and impartial debt advice, money guidance and pensions guidance to deliver a more streamlined service to consumers. The 'Check your State Pension' service has also provided over 9 million estimates since 2016 to help people forecast their State Pension.

At present, the DWP is also carrying out feasibility work to explore the complex issues associated with the development of a Pensions Dashboard. This work is ongoing and the DWP will report back to Parliament with their findings in due course.

I would also like to take this opportunity to clarify that the 50 million figure you refer to was an estimate made by the DWP in 2012 of the number of dormant, not lost, pension pots by 2050. The Pension Tracing Service was launched to help people more easily locate their pension savings. In 2017/18, this service undertook around 1.2 million customer traces.

I am determined to ensure this culture of savings continues and I will be following this issue very closely.


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Dr Dan's work in Parliament

Offensive Weapons Bill: Ipswich-London Rail Fares (15 Oct 2018)
Daniel Poulter: I thank my hon. Friend’s welcome news on capping rail fares, but does he not also agree that it is difficult for customers to disaggregate the cost of the fare—those in Ipswich are very high per mile by national standards—from reliability and speed of service? Despite the cost of tickets from Ipswich, reliability and speed of service have not improved over the years....

Asylum Accommodation Contracts: Economic Growth: East of England (10 Oct 2018)
Daniel Poulter: It is a pleasure to serve under your chairmanship, Mr Davies. I congratulate my hon. Friend the Member for Waveney (Peter Aldous) on securing this debate, on his chairmanship, with the hon. Member for Cambridge (Daniel Zeichner), of the east of England all-party parliamentary group, and on helping to put the east more firmly on the Government’s map. My hon. Friend was absolutely right...