'Vast majority' of retirement age savers want cost information included on dashboards

The vast majority (95 per cent) of savers aged 55 and over think it is essential or important that they see how much their provider is charging them on pensions dashboards, research by PensionBee has found.

A survey by the firm revealed that the “vast majority” of savers expect detailed information regarding their pension to be available on pensions dashboards.

In addition to cost and charges information, 94 per cent of savers wanted to see any guarantees attached to their pension, as well as state pension information (94 per cent).

Furthermore, 90 per cent of savers wanted information on where their pension is invested also included on any prospective dashboards.

Commenting on the findings, PensionBee head of corporate development, Clare Reilly, added: “Savers have a right to know how much they are paying in charges for their pensions.

“It is essential to include charges information on pensions as part of the initial phase of the dashboards, and give this generation - and retirees - a chance to make informed decisions before their pots are spent and gone.”

However, previous research from the firm suggested that pension savers would be able to locate just 61 per cent of their pensions when logging into the pensions dashboard, unless “drastic data cleansing” was undertaken.

The findings also follow today’s (22 June) confirmation for a call for input into pensions dashboards data standards from the Money and Pensions Service, with a formal Pensions Dashboards Programme consultation to open on 6 July.

Last week, the Pensions Minister Guy Opperman also wrote to schemes requesting evidence on their data readiness for the dashboard, and stressing that regulations for the dashboard would be introduced “at speed” following the passing of the Pension Schemes Bill.

Opperman had also previously warned that schemes “should not be waiting for legislation” before getting data ready, stressing that those who failed to have data read would face “draconian penalties”.

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