Savers overwhelmed ahead of first pension dashboards deadline – Bravura

UK pensions holders are struggling to manage multiple pensions pots, but dashboards could represent a turning point for member engagement, new research reveals.

Bravura surveyed 2,000 workplace pensions holders to uncover the current state of member engagement and understand how consumers plan on interacting with dashboards as the industry approaches the first connect deadline in April 2025.

More than half (52%) of workplace pension holders felt overwhelmed managing multiple pension pots, but those aged between 25 and 34 struggled the most (64%).

With auto-enrolment (AE) introduced in 2012 and responsible for creating an estimated 10 million pension savers, only 33% of those aged 55 and above faced the same challenges.

Eight in 10 (82%) – or more than 16 million people – planned to use dashboards when launched.

Of those planning to use a pensions dashboard service, 76% said they would have a positive impact when planning for their retirement, and 60% expected to find a lost or forgotten pension.

In addition to find and viewing their pensions information (50%), respondents were also interested in using dashboards to monitor pension contributions (45%), estimate their total balance at retirement age, and stay updated on the performance of their pension investments (42%).

Longer term, if pensions dashboards were able to provide services to help better manage their retirement money, 36% said they would like to see insight tools – calculators, estimators and analysers.