- Over three quarters (77%) of those with multiple pension pots said that dashboards will be useful to see all their pensions in one place.
- Half (50%) of those who have not consolidated their pensions said that pensions dashboards would encourage them to do so.
- Just a quarter (25%) of those with multiple pensions have consolidated them leaving 72% that have not done this.
New research carried out last week for Aegon UK by Opinium* highlights the opportunity pensions dashboards present to transform how people engage with their pensions.
Over three quarters (77%) of those surveyed said it will be useful to see all pension pots in one place online. Over a third (38%) said they believe pensions dashboards will be very useful. This highlights the potential to drive better pensions engagement and planning for retirement.
7 in 10 people (72%) said they have never consolidated their pension pots, with just a quarter (25%) of those with multiple pensions saying that they have done so.
Research shows that the introduction of a pensions dashboard would prompt half (50%) of those who have not yet consolidated their pension savings to do so. Among the younger generation aged 18-34, this rises to 67% and for those aged over age 55, it falls to 32%.
Kate Smith, Head of Pensions at Aegon comments: “Pensions dashboards are set to transform how and when people engage with their pension savings. We know that retirement saving needs to be as simple and straightforward as possible to boost engagement. Our research shows strong interest in dashboards which will show an individual all of their pensions together, online.
“As we’d expected, the research indicated dashboards are likely to lead to greater consolidation of small pots. It’s incredibly positive to see that the pensions dashboards will be useful and will encourage those who haven’t done so to bring together lost or small pension pots.
“We’re expecting to see the government’s response to its recent consultation on the pensions dashboards regulations any day now. It’s really important that dashboards remain on track to help give people greater visibility to their pensions and ultimately improving decision-making.”
