Around 80 per cent of employers have little or no knowledge of the pensions dashboard, despite the deadline for schemes to connect to the platform by this October.
This is according to research from Everywhen, which suggests that low levels of awareness of the pensions dashboards among employers could undermine efforts to improve engagement with retirement savings
Professional services firm RSM UK says the pensions dashboard represents a significant opportunity to tackle the ongoing lack of public engagement with pensions but warned that insufficient awareness could limit its impact.
RSM UK pensions audit director Andrew Aston, pensions audit director says: “This research provides further evidence that general awareness of the MoneyHelper pensions dashboard is currently low. Despite this being the biggest change for pensions savers since auto-enrolment in 2012, there is still no clarity on plans to drive widespread public awareness of the dashboard. This represents an exciting opportunity to address the current lack of understanding around pensions savings adequacy and encourage people to check what’s in their various pots. But it will only do this if people know it’s coming.
“It’s clear that a widespread public awareness campaign is needed, yet so far, we have not seen any details of this. While there’s a lot of news in pensions trade media on the successful connection of schemes and the testing programme for the MoneyHelper dashboard, there has been very little coverage in wider media. It seems that the pensions industry is currently talking to itself on this issue.
“Enormous investment has gone into developing the dashboard, so it’s crucial it succeeds. It would be a shame if efforts to improve public engagement with pensions stall due to insufficient publicity around the dashboard.”