New online pensions dashboard could allow people to see all their retirement savings from their mobile phone

Pensions dashboards will allow people to see all their retirement savings pots in one place and should be available by 2023.

A timeline set out by the Money and Pensions Service (MaPS) shows schemes and providers will start being compelled to connect to the dashboards in 2023.

It is expected there will then be sufficient findable pensions so that dashboards will be ready to be offered to consumers.

Investment platform AJ Bell said the UK Government will be criticised for delays, after previous indications that dashboards would be introduced from 2019.

But Tom Selby, a senior analyst at AJ Bell, said: "Rushing the introduction of half-baked pensions dashboards would have risked causing terminal damage to a project which has the potential to revolutionise retirement engagement in the UK.

"Allowing people to see all their retirement pots in one place is a colossal undertaking, particularly when you consider the hotchpotch of different schemes that exist."

It is hoped the dashboards, which could be viewed on mobile phones, will make it easier for people to see exactly how much in total they have saved for their retirement - and how much more they may need to put aside.

The scheme will complement automatic enrolment - the landmark drive which has brought millions of people into workplace pension saving.

Helen Morrissey, a pension specialist at Royal London, said: "After already progressing at a snail's pace for some time, it is hugely disappointing to see this project further delayed.

"Of course such projects are complex but the potential that dashboards have to help people take control of their retirement planning is huge and must be grasped. Every delay risks letting down a generation of savers."

It is hoped the dashboards will also help savers see how much more they may need to put aside for retirement (Getty)

Kate Smith, head of pensions at Aegon, said: "The timetable has been pushed out by four years. Although this is disappointing, we believe the delay is worthwhile using the extra time to get things right.

"Critical mass is needed from day one, to allow people to find the majority of their pensions."

Minister for pensions and financial inclusion Guy Opperman described the new timetable as "sensible".

He said: "Bringing information to savers at the touch of a smartphone screen will transform how we all think about and plan our pensions, improving financial resilience for later life."