The Department for Work and Pensions (DWP) has issued a written ministerial statement providing an update on the publication of connection guidance which includes the new staging timeline for connecting to pensions dashboards.

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Research finds most people would be likely to use pensions dashboards

  • Ipsos research finds that 57% of people would be likely to use pensions dashboards now
  • more than 8 in 10 of those surveyed have at least one private pension which they could view on a dashboard
  • around 16% of people have three or more private pensions
  • dashboards will be free for people to use – but just under half of people said they would pay £5 per year for dashboards
Research from Ipsos for the Pensions Dashboards Programme (PDP) has found that people would be likely to use pensions dashboards. Of those surveyed, 57% said that they would be very or to use dashboards now, with the possibility of more people displaying interest in dashboards when they become available to the public.

Pensions dashboards, which will allow people to view information on all their pensions in one place and find pension schemes they are members of, will particularly benefit those who have one or more private pensions alongside their State Pension. Ipsos found that 81% of people said they have a private pension, with 4 in 10 having two or more private pensions.

Pensions dashboards will be free for consumers to use. To estimate the value to consumers of pensions dashboards, we asked consumers how much they would be willing to pay for a pensions dashboard service.

Just under half of people surveyed said that they would be willing to pay £5 per year for dashboards, and more than 3 in 10 would be willing to pay £10 per year. Younger people were found to attach a higher value to dashboards, with more than half of 18-29 year olds being willing to pay £5.

Chris Curry, PDP’s Principal, said:

“Ipsos’s research demonstrates that there is a clear appetite from the public to use dashboards to make decisions about retirement. It also shows that people place a high value on the pensions information that dashboards will bring together – even though it is a free service.

This presents a real opportunity to transform engagement with people about their pension savings. As pension providers and schemes begin connecting to dashboards, they should think about how this access to pensions information can be used in the future to involve dashboard users in conversations about retirement planning.

Thank you to Ipsos for carrying out this insightful piece of research.”

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Author:
Pensions Dashboards Programme

Published: 12 October 2022

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