Savers want pensions dashboard to be more than a viewing platform
Earlier this month, the government said it was backing the pensions industry to deliver the online hub, which would enable savers to view all their pension pots in one place.
And while 77% of pension savers said they’d likely use the dashboard, half said they’d like to be able to use it to pay more into their pension and update their contact details for all providers, according to a survey by NOW: Pensions
A third of savers said they’d like the dashboard to show them if they’re on track with their pension savings against a benchmark or target.
A further third would like to be able to transfer or consolidate pension pots on the dashboard.
Adrian Boulding, director of Policy at NOW: Pensions said: “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.
“But, 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.”