Two thirds of pensions schemes are anticipating a significant spike in member activity once the dashboard launches, according to a poll of trustees and pensions managers by WTW.
Their survey found over a third (38 per cent) of schemes predict activity to increased by 30-50 per cent, with a similar proportion expecting a 10-30 per cent uptick in activity.
Many are also anticipating that this additional activity will be sustained with almost half of respondents (46 per cent) expecting the this spike to last for up to a year before calming down, while 28 per cent this activity could last for two years.
Around a quarter of respondents (24 per cent) says that this heightened activity will become the new norm, lasting five years or more.
In terms of communication channels, the polling data indicates that email is likely to be the most impacted, with 41 per cent of respondents expecting an increase in email traffic. Telephone and web-chat communications are also expected to be popular, with 31 per cent of respondents anticipating a rise in these areas and over a quarter (28 per cent) expecting their scheme portal to be the most heavily used form of member interaction.
Geraldine Brassett, senior consultant in WTW’s outsourcing business says: “Pension schemes need to be prepared for a significant shift in saver behaviour following the launch of pensions dashboards. The anticipated increase in activity will require schemes to have robust communication strategies in place to handle the expected surge in enquiries.
“The duration of increased activity is a critical factor for pension schemes to consider. With many schemes expecting the heightened activity to last two years and beyond, schemes need to plan for the long-term implications of pensions dashboards on their operations and resources and be ready for a potentially prolonged period of increased engagement from savers.”
Previous polling by WTW earlier this year showed that an increased volume of enquiries for administrators and pension providers was named as the biggest challenge anticipated by pension schemes, once members are able to access a dashboard.
The Government’s MoneyHelper Pensions Dashboard will be the first to launch to the public. All UK pension schemes covered by the dashboard regulations must be fully connected by 31 October 2026, with the aim of general public access starting later in 2026, or early 2027.
Brassett adds: “As schemes prepare for the launch of pensions dashboards, it is clear that the impact will be significant, but the dashboard programme also provides a unique opportunity to engage many more members who may not be fully familiar with their retirement savings.
“Schemes and their administrators will need to adapt their operational processes to manage the expected increase in saver activity effectively.”