Data collected by Everywhen has shown that 80 per cent of employers still know little or nothing about the pensions dashboard, despite the October deadline of pension schemes within scope to be connected.
The pensions dashboard aims to be an accessible way for workers to review their retirement savings, including projected state pension, through one online portal.
Everywhen’s survey of 500 HR decision makers showed that just one in five employers (20 per cent) said they know a lot about the pensions dashboard. While 38 per cent said they know ‘a bit’ about it, 20 per cent had heard of it but know nothing about it, and 21 per cent have not heard of the dashboard at all.
Sorangi Shah, client director and pensions expert at Everywhen, says: “We encourage employers to keep track of the dashboard developments as it will be a powerful way of boosting pension engagement for their employees.”
Joining the pensions dashboard is mandatory for all UK occupational pensions schemes with 100+ members and FCA-regulated personal and stakeholder pension providers.
Whilst employers themselves have no direct legal obligations under the Pensions Dashboards framework, Everywhen claims that they can play a valuable supporting role by maintaining accurate employee data and helping raise awareness among employees.
The pensions dashboard ecosystem is delivered by the Money and Pensions Service, with the public dashboard hosted by the consumer service, MoneyHelper. The digital tools aim to help individuals to keep track of different pensions schemes, to locate lost schemes, and to better plan for their retirement.
