The ways in which people currently interact with their pensions varies across the generations with people using a mix of digital, post and phone. The polling comes as the Pensions Schemes Bill makes its way through Committee Stage in the in the House of Lords, a key milestone to make Pensions Dashboards a reality.
The polling on pensions engagement and how people want to access all their pensions in one place shows:
Digital is king for convenience
When asked about what three ways would be convenient to access your pensions in one place, going online comes out on top. But the platform preference varies between generations, highlighting the need for multiple dashboards.
• 18 - 34 year olds prefer a mobile banking app – 54%
• 35 – 54 year olds prefer online banking – 41%
• 55 and overs prefer their pension providers website – 54%
Result: No clear winner on preferred digital platform
Asked where they would be comfortable accessing the information about all of their pensions in one place, 20% of people would want to access the information through a government service, while 49% of people prefer their pension provider.
With a demand for digital information, multiple pensions dashboards will enable people to see all their pensions in one place through a platform of their choosing and help discover lost pension pots.
It is estimated that 1 in 5 adults admit to having lost a pension pot. Research by the Pensions Policy Institute (PPI) suggests these are worth at least £19.4bn. Without Pensions Dashboards, the Department of Work and Pensions estimates that 50 million pensions pots will be lost or dormant by 2050.
Rob Yuille, Assistant Director, Head of Long-Term Savings at the Association of British Insurers said: “People need support to engage with their pensions to make sure their retirement lives up to their expectations. Pensions Dashboards will be critical to achieving this.
“To make it easier for people to engage, both Government guidance services and private companies, like pension providers and banks, need to be able to offer Pension Dashboards. Employers, charities and trade unions could also provide these services, so that people can access the information wherever is comfortable and convenient for them.”
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