New research commissioned by the ABI (Association of British Insurers) has highlighted that the new pension dashboard presents a real opportunity to enable people to engage with their pensions and there is a distinct need for them to be interactive to meet younger people’s digital demands….
The research found that for a small percentage of people, finding and viewing their pension is enough of a draw to use the dashboard; but 7 in 10 expected the service to go much further. This was especially true of younger people, who were more likely to want to take further action, including the use of modelling tools to see what would happen if they adjust the amount they contributed to their pension.
The government and regulators are expected to consult on pension dashboard regulations in the coming weeks with the key challenge to ensure that consumers are not just logging into the dashboard as a ‘one-off’ but with the requirement to innovate enabling them to consistently engage with their pensions and take active steps to plan and manage their financial futures.
Pension providers are expected to make data available to dashboards from 2023.