The vast majority of consumers support the introduction of a pensions dashboard, but would like it to do more than simply list their savings.
Research conducted by Now Pensions found that three out of four savers (77 per cent) said they would use an online secure site that allows them to view all their pensions – including the state pension – in one place.
A total of of 64 per cent of those surveyed said this would enable them manage their retirement savings better.
However, many surveyed said they would prefer a more interactive dashboard. More than one it two (51 per cent) said they would like to use this service to top-up pension contributions and update contact details for all pension providers.
This survey follows a pensions dashboard summit which saw senior executives from across the industry meeting to debate issues around its implementation.
Earlier this month the Department of Work and Pensions signalled its support for this initiative, after earlier suggestions it could be scrapped.
This survey indicates that one in three savers (32 per cent) would like tools on the dashboard to enable them to track their pension savings against a benchmark or target.
A similar proportion said they’d like the ability to transfer or consolidate pension pots. Meanwhile 28 per cent said they would like access to guidance via this new dashboard.
Now Pensions, director of policy Adrian Boulding says: “Support for the pensions dashboard is overwhelming.
“Getting it off the ground won’t be without its challenges but with government backing, and by making it compulsory, it has all be right ingredients to succeed.
“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.”
However he adds: “The technology needs to be future proofed. Simply providing a window to look in and see what’s there isn’t enough. In the future, savers should be able to top up their pensions at the touch of a button and move their pension pots with a simple drag and drop.”
