The increased volume of enquiries for administrators and pension providers has been branded the biggest challenge anticipated by pension schemes as a result of the upcoming Pensions Dashboard launch in the UK.
The Pensions Dashboard went live on 30 April for the first cohort of pensions providers and schemes. The connection process is expected to be staggered, with all schemes and providers required to be connected by 31 October 2026.
The user testing is expected to commence in summer 2025.
Consultancy WTW asked 68 UK pension scheme managers about the anticipated impact, challenges and ambition to increase saver engagement associated with the upcoming Pensions Dashboard launch, as part of an industry webinar on 2 April 2025.
The polling showed that the biggest challenge anticipated by pension schemes, once members can access a dashboard, will be the increased volume of enquiries for administrators and pension providers (71%).
This was significantly ahead of other perceived challenges, such as capacity within the pensions industry (17%), employee concern over their pension provision (8%) and a reduction in members accessing their existing pension portals (4%).
Geraldine Brassett, senior consultant in WTW’s outsourcing business, said: “When members first have access to the MoneyHelper Pensions Dashboard, we do expect to see a large increase in activity across the industry. We need to be well prepared for that because savers need to have trust and confidence in dashboards right from the start.”
Brassett added that it may have been several years since some of the savers have been in contact with their scheme, but she expects that once dashboards launch, it will be “front of mind for many”.
“We need to make sure that we hit the mark to support savers whichever way they decide to use dashboards, be that the government’s dashboard or a commercial version”
Geraldine Brassett, senior consultant at WTW
“The way people use dashboards is likely to differ too. Younger savers may want to know what a defined contribution scheme is, how they invest and how much they should save. Those approaching retirement may want to know about transfer options and when they can afford to retire,” she noted, adding that “this is likely to prompt a lot of questions from members who are not fully familiar with their pension provision”.
“We need to provide information and education for members of all types,” Brassett commented.
The WTW poll also showed that pension schemes are keen for private sector providers to launch their dashboards soon after the MoneyHelper Pensions Dashboard is released.
A third (32%) would welcome the addition of private sector dashboards within six months, with 39% suggesting a timeline of between six and 12 months. The remaining 29% thought between one and two years was likely, while no respondents thought two years or longer was reasonable.
Brassett said: “Industry views private sector dashboards – those provided to savers by pension providers themselves – as an important part of how people will engage with dashboards.
“As administrators, we need to make sure that we hit the mark to support savers whichever way they decide to use dashboards, be that the government’s dashboard or a commercial version.”
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