Half of pension savers want more from the pension dashboard

Written by Natalie Tuck
26/09/18

Half of pension savers, 51 per cent, want to be able to use the pension dashboard to update their contact details for all providers, and pay more into their pensions, it has been revealed.

According to research from Now Pensions, 37 per cent want to be able to pay more money into their pension; 33 per cent want to be able to update their contact details for all pension providers, and 32 per cent want to see if they are on track with their pension savings against a benchmark or target.

In addition, a further 32 per cent want to be able to transfer/consolidate pension pots, with the same percentage wanting to access their annual benefits statement. Twenty-eight per cent would like access to guidance through the pension dashboard.

Seventy-seven per cent say they are likely to use a dashboard 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 per cent of women saying they’ll be likely to visit the dashboard versus 73 per cent of men.

Nearly two thirds of those surveyed (64 per cent) 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 per cent) of women think the pensions dashboard will help them with their money management.

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

Commenting, Now Pensions director of Policy Adrian Boulding 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.

However, he said 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.”

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