Research from Everywhen has found 80% of employers have little or no knowledge of the pensions dashboard, despite the deadline for connecting to it coming this October. RSM UK says the pensions dashboard represents a significant opportunity to address the current lack of public engagement with pensions, but a lack of awareness of the dashboard could hamper efforts.
Andrew Aston, pensions audit director at RSM UK said: “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.”