Pensions dashboard will boost member engagement

Royal London polled 238 advisers between 28 April and 13 May 2016 on the impact of the dashboard which is due to be introduced by 2019.

Over two fifths (43%) believed it would encourage more people to seek professional advice and nearly two thirds (63%) said it would help them to advise their clients.

It will allow individuals to hold their pensions in one place and could link consumers with lost pension pots from previous employments. It could also prompt people to seek advice as to whether their pension savings are on track. Yet two thirds of respondents did not expect a dashboard to be in place by 2019.

Royal London pensions specialist Fiona Tait said: "There have been several calls to improve the clarity of pensions because they are seen as complex and incomprehensible to savers. Many people are in the dark about what to expect when they retire and at the moment have limited information about their overall pension position.

A personalised pensions dashboard would really help people to understand what potential pension income they would be able to secure and the sooner this is in place the better.

"With all the changes to pensions it is so important that people engage in their pension planning as soon as possible and regularly review how they are doing. Burying their heads in the sand and hoping it all turns out ok in the end is not an option anymore. An impartial adviser can really help to ensure savers get the best outcome."

Origo's chief has said the first version of the dashboard could be in place by the end of the year while Steve Webb believes data difficulties can be overcome.

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