Dashboards could offer "the solution" to a lack of engagement in pensions, according to independent pensions consultant, Richard Smith.

Speaking at the Pensions and Lifetime Savings Association (PLSA) Investment Conference 2025, Smith emphasised concerns over a lack of pension engagement, stressing that savers "can't be engaged until they know they've got pensions."

"The truth is that when it comes to pension engagement, we're not doing well," he said.

Smith cited research from the PLSA, conducted in 2018, which found that 30 million people in the UK "didn't know" what pensions they had.

He also highlighted a recent report from the London Foundation for Banking & Finance, which showed that financial literacy in the UK was "very low" (32 per cent) compared to other countries.

Consequently, the report found that 20.3 million adults in the UK (39 per cent) didn't feel confident managing their money.

"I'm ashamed that after 38 years in the industry, people have been left feeling like this," Smith added.

Echoing this sentiment, fellow speaker and Financial Conduct Authority (FCA) head of asset management and pensions policy, Nike Trost, agreed that many pensions savers were unengaged with their investments.

"Consumers need much more support with their pensions, as many don't understand their retirement options," she said.

"We want to move to a system where providers give much more targeted support to people."

Smith claimed the solution to a lack of engagement and understanding in pensions would be in pensions dashboards.

"Once you know which pensions you have, and then you can see a list of them on your phone, people become really interested," he continued.

"I am incredibly excited that in six weeks, we will wake millions of people to see what they'll get in retirement."

The FCA has proposed targeted support reforms for pension dashboards to help people make better financial decisions.

Pension professionals have broadly welcomed the changes as part of the Advice/Guidance Boundary Review but raised concerns over regulatory restrictions and costs.

At the conference, Trost confirmed that the FCA was working with the treasury to "change the regulatory framework" to ensure dashboards provide better choices for savers.

Smith added that with targeted support integrated into dashboards, "the sky is the limit" for pension engagement.

"We need to press ahead with FCA-regulated dashboards as soon as possible so we help people nudge up their contributions and understand their investments."

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