Over three quarters of people keen to use pensions dashboard

More than three quarters of people are keen to use a pensions dashboard to learn more about their retirement savings, according to research from Which?.

In a survey of 300 of its members, the company also found that nearly three quarters wanted an update on how much state pension they were entitled to.

Roughly six out of ten were interested in future projections of their retirement income and more than half wanted to know their current pension value plus the charges applied.

The consumer choice brand also asked 12 volunteers to find key pieces of information about their pensions, of which there were 38 in total.

Nine of the participants encountered gaps in their data, while only three were able to find all the requested information from paper statements, online accounts and phone calls.

Which? said that these volunteers encountered a litany of problems, including unclear scheme charges and investment strategies, pension contributions not reaching schemes, and inconsistencies in the presentation of information.

Lane Clark & Peacock partner, Steve Webb, said: “Owing to the lack of a current framework for workers to track down and understand their pension savings, it is of little wonder that the majority of those that took part in the Which? investigation were unable to find all the requested information needed to provide a complete picture of their retirement pots.”

Webb added that delays caused by December’s general election and “the practicalities of bringing all the necessary data onto the dashboard” could mean people “continue to be in the dark for some time”.

Moneyhub CEO, Samantha Seaton, commented: “While the dashboard can be part of the financial wellbeing solution, it should not be seen as a silver bullet. For advisers, pension providers, employers, and consumers, the real value will be delivered by creating a truly holistic financial picture, empowering better decision making, and unlocking the potential of open finance.

“This is best done by using a money management platform that is powered by open finance, enabling people to harness the power of financial data to boost and transform longer-term financial health.”

Barnett Waddingham self-invested pensions technical specialist, James Jones-Tinsley, stated that the dashboard had “the potential to transform the way that people understand, engage with, and build up their pension pots”.

The People’s Pension director of policy, Gregg McClymont, said: “The initial legislation which will enable the dashboard to become a reality is currently working its way through the parliamentary process.

“It’s clear that more detail is needed to ensure the 18 million savers whose pension pots and entitlements may be displayed on the dashboard are protected and the dashboard provides what savers need.”

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