Commenting on the pensions dashboards announcement today, Adrian Boulding, Director of Policy at NOW: Pensions said: “Pensions dashboards have the potential to revolutionise the way people think, feel and access information about their pension savings.
“Today’s announcement is a huge step forward and we are very pleased to see that the government intends to make it compulsory for providers to participate.
“Research* NOW: Pensions conducted with pension savers revealed that over three quarters (77%) are likely to use an online secure site that allows them to view all their pension pots, including the State Pension, in one place. Nearly two thirds (64%) said that being able to view all their pension savings in one place would help them to manage their retirement savings better.
“The inclusion of the State Pension is a must as, for most people, this will make up the lion’s share of their pension savings and it’s good to see the government commit to integrating the State Pension into the dashboard.
“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.
“Getting this airborne in 2019 is going to be a challenge, but we like a challenge!”
Top things savers want pension dashboards 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
Notes to editors
*Research conducted by Opinium online between 12h and 14th June 2018 with 1,464 nationally representative UK adults aged 22-65.