Pensions industry sceptical of dashboards being ‘useful and comprehensive’ by 2025

Less than a third (30 per cent) of pension professionals believe that pensions dashboards will provide useful and comprehensive information to the majority of consumers by 2025.

In a poll during its panel discussion, The Pensions Net-Work (TPNW) found that 65 per cent believed they would be useful and comprehensive by 2027 and 90 per cent felt this would be achieved by 2030.

The Pensions Dashboards Programme’s is aiming for dashboards to be available from 2023 and transition to ‘business as usual’ from 2024.

In a separate poll, attendees were asked if they felt that multiple dashboards would help or hinder the experience for consumers.

Six in 10 (60 per cent) responded that multiple dashboards would prove to be a hindrance for users.

“Pensions dashboards – and the Money and Pensions Service (Maps) – have been in the news recently so this latest session was very timely,” commented TPNW chairman, John Moret.

“I first recall being involved in discussions about a commercial pensions dashboard some 20 years ago. Sadly, unlike in Sweden, the dashboard has been subject to very long delays for a variety of reasons.”

The panel discussion included Minpension.se CEO, Anders Lundstrom, as a panellist.

Minpension.se is the organisation that has run the Swedish dashboard since it was established in 2004.

“As we heard from our Maps speakers, good progress has been made recently on the PDP, but when one sees what the Swedish dashboard offers it is clear that there is a vast amount of development work still to be undertaken,” Moret continued.

“Given the track record on the development of the dashboard, prior to the PDP, it is hardly surprising that so many of the TPNW members are sceptical of the published timelines being achieved.

“A key point that was endorsed by several members, was the importance of reliable state pension information being available from the outset if dashboards are to be credible and achieve their objectives.

“Clearly there are many that doubt the wisdom of multiple dashboards being available and I am sure that those doubts were confirmed by seeing what has been achieved in Sweden with a single dashboard.

“Moreover, the Swedish dashboard has been developed over more than 15 years, suggesting that there is a long way to go in the UK before we can answer ‘yes’ to the question posed in another excellent and informative TPNW panel discussion.”

    Share Story:

Recent Stories



How the bulk annuity market is changing
Laura Blows speaks to Peter Jennings and Prash Mehta from Just about trends in the bulk annuity market and how this could impact trustees hoping to secure insurer engagement in 2022 and beyond
DC master trusts
Pensions Age editor Laura Blows, editor of Pensions Age look at developments within the DC master trust market with Paul Leandro, partner at Barnett Waddingham, and Mark Futcher, partner and head of DC at Barnett Waddingham.

Advertisement Advertisement