Consumers back dashboard but want it to be more than just a window to their savings

Today, the Pensions Dashboard Summit took place with senior experts across industry debating key issues surrounding the Pensions Dashboard.

Research* conducted by NOW: Pensions, revealed at the event, shows that over three quarters of pension savers (77%) say they are likely to use an online secure site that allows them to view all their pension pots, including the state pension, in one place.

The dashboard is set to be more popular with women pension savers than men with 80% of women saying they’ll be likely to visit the dashboard versus 73% of men.

But, savers want it to be more than just a window to their savings with half (51%) stating that via the dashboard they’d like to be able to pay more into their pension and update their contact details for all pension providers.

Pensions Dashboard could help savers manage their money

Nearly two thirds of those surveyed (64%) say that being able to view all their pension savings in one place would help them to manage their retirement savings better. A greater proportion (67%) of women think the Pensions Dashboard will help them with their money management.

Currently, 19% of pension savers admit they never check on their pension and 25% only check annually.

Top things savers want the dashboard to be able to do

  • 37% want to be able to pay more money into their pension
  • 33% want to be able to update their contact details for all pension providers
  • 32% want to see if they are on track with their pension savings against a benchmark or target
  • 32% want to be able to transfer / consolidate pension pots
  • 32% want to access their annual benefit statement
  • 28% want access to guidance

Adrian Boulding, Director of Policy at NOW: Pensions said: “Support for the Pensions Dashboard is overwhelming. Getting it off the ground won’t be without its challenges but with government backing, and by making it compulsory, it has all be right ingredients to succeed.

“The dashboard has the potential to revolutionise the way people access information about their pension savings. At the moment savers have to complete the pieces of their savings puzzle themselves, or pay an adviser to help them. The dashboard will complete the jigsaw automatically, at the touch of a button. Sounds simple, but this is a huge step forward from where we are today.

“But, the technology needs to be future proofed. Simply providing a window to look in and see what’s there isn’t enough. Savers want to be able to do more and giving them the ability to do so could help improve their quality of life when they retire.

“In the future, savers should be able to top up their pensions at the touch of a button and move their pension pots with a simple drag and drop.”

Notes to editors

*Research conducted by Opinium online between 12th and 14th June 2018 with 1,464 nationally representative UK adults aged 22-65.

NOW: Pensions successfully proved a live link to the industry prototype dashboard in 2017, enabling the prototype dashboard users to search a mock-up of NOW: Pensions customer database for their pension. The search returned confirmation of membership and an up to minute fund value.

More information

Samantha Gould – NOW: Pensions
Instinctif Partners
Fenella Cuthbert – Cicero/AMO
Tel: 0207 947 5327