Seven out of 10 workers back calls for a single pensions dashboard, according to research by The People’s Pension

Seven out of 10 (72%) UK workers with a private or workplace pension scheme back calls for a single pensions dashboard to help them keep track of their savings, as nearly half (47%) admit they don’t know how much they’ve saved for their retirement.

Research from The People’s Pension1, conducted by YouGov2, also found that:

  • Six out of ten UK workers with a private or workplace pension scheme (60%) don’t know where the details of all their pensions are
  • One in five respondents (22%) have lost track of a pension
  • Nearly a third of respondents (29%) don’t know who their current workplace pension is with3

Ahead of the government’s delayed Feasibility Study4, The People’s Pension is calling for a single, public-good pensions dashboard, free from commercial conflict and backed up by legislation, to ensure all providers supply the necessary information to allow savers to see all their pension pots in one place.

Commenting on the survey findings, Dave Brown, Director of Strategy and Innovation at The People’s Pension, said:

“The current pensions system creates too many hurdles for people who want to find out how much they’ve saved and puts people off from planning for retirement until the last minute.

“The average person builds up 11 pension pots over their lifetime, causing, as these findings highlight, a very real risk that pots will be lost or forgotten, with people left unaware of what they’ve saved.

“The pensions dashboard is vital to help people know how much they’ve saved and where their savings are. It has real potential to revolutionise retirement planning, but only if people can see all their pensions in one place.

“A single dashboard, free from commercial conflict and backed up by legislation, as called for by cross-party MP’s, will save people significant amounts of time, stress and hassle. It will ensure they keep track of all their savings, have all the information needed to make the important decisions about their financial future, and will allow them to watch their savings grow and compound over time, helping them to understand what their retirement might look like.”

Discussing his pension savings, Sean from Yorkshire and Humber said:

“Like a lot of people, I’m a layman. I don’t really understand the terms, I don’t really understand what I’m looking at, I don’t know how to compare performance. It would be nice for someone like me to have an easy-to-follow website where you could look at how things are performing, and how well your pensions are going.”

Responding to the survey, Cecilia from London commented:

“It’d be great to have an app which would collate all my pensions together and would let me look at what I’ve managed to save and what my projected pension might be.”