92% unaware of Government-backed Pensions Dashboardwritten by Bella Palmer
People are not aware of the government-backed pensions dashboard
A large number of consumers are not aware of the value of their pensions, it was found in the research. A lot of consumer participation is required for the proposal. It has been suggested that lack of knowledge about the Pension Dashboard shows a lack of people’s involvement in the process which concerns them. The government has estimated that, on an average, people have 11 jobs during their careers, which means they are likely to have 11 different pension plans. The Pension Dashboard is estimated to help consumers track down £60 million worth of pension pots. It is due to launch in 2019.
Anthony Morrow, co-founder of
"The research also revealed that 36% of consumers don’t know the current value of their pensions. This suggests the concept of the Pensions Dashboard is fundamentally sound, but the development and rollout
requiresmuch more consumer involvement.
“The lack of consumer awareness and knowledge about the Dashboard shows people aren’t being properly consulted in the creation of a tool that’s supposed to serve their interests. If consumers were being sufficiently involved, they’d be talking about this and there would be much greater knowledge about what it is.
“Industry and Government need to avoid this becoming self-serving and box ticking exercise. The emphasis must be ‘what’s in it for the public’ and not ‘what’s in it for the industry’, otherwise the Dashboard will end-up a flop and a missed opportunity to help savers that need support. More people need to be asked about their pensions challenges and objectives stretched beyond simply helping them access plans. It’s all well and good tracking pensions, but, understandably, most
saversdon’t know what to do with multiple pots. They need advice now that suits their individual needs and retirement goals."
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