With a Queen’s Speech scheduled to take place next Monday 14 October, speculation is rising about whether a pensions bill will be included and what it might contain.

High on the agenda is the long-promised pensions dashboard legislation, which will compel providers to make consumer data available in a three to four-year window.

But new research has found that for a dashboard to be trusted, it must be government funded.
A consumer survey by Ipsos Mori found that 42 per cent of people said they would trust a government-backed model, compared to 22 per cent who would trust a private pensions company or a company set up specifically to run a dashboard.

Ipsos Mori research director, Joanna Crossfield, commented: “There is a strong desire for a pensions dashboard to be government-backed, showing that public trust and confidence in the government to provide these services remains high.”

Currently the plan is to have a non-commercial dashboard, that is delivered and overseen by the new Single Financial Guidance Body (SFGB). But only 23 per cent of people said they would trust a dashboard run by a financial guidance organisation such as CAB.

The government has also said it will allow providers to create their own versions of a dashboard, so long as they are free and user-friendly.

However, such privately owned dashboards are unlikely to garner public trust.

The Ipsos Mori research found that if the dashboard was run by a private company two thirds (65 per cent) of people would worry about the security of their data. 58 per cent of people are also worried that private companies would use a dashboard to try to sell or advertise products to them.

Concerns about the accuracy of data or not being able to understand the data were consistent regardless of the provider.

Despite this, public enthusiasm for a dashboard is strong, with two-thirds saying that it would make keeping track of a dashboard easier. This figure rises to 86 per cent among 18-34 year olds.

Crossfield concluded: “The number of people with multiple pensions is only set to grow and a dashboard is clearly seen as a way of making keeping track of these easier.

“To encourage use, it will be important for any dashboard provider to give the public a cast iron guarantee about the safety of their information without compromising on ease of use.”

Share Story: