Nearly a third (31 per cent) of UK pension schemes believe 50 per cent or more of their members will log into the MoneyHelper Pensions Dashboard within a month of gaining access, WTW research has revealed.

The poll also showed that 71 per cent of schemes anticipated that the largest challenge once members have access to the dashboard is an increased volume of enquiries for administrators and pension providers.

Meanwhile, 17 per cent said the largest challenge would be capacity within the pensions industry, 8 per cent said employee concern over their pension provision, and 4 per cent said a reduction in members accessing their existing pension portals.

“When members first have access to the MoneyHelper Pensions Dashboard, we do expect to see a large increase in activity across the industry,” WTW Outsourcing business senior consultant, Geraldine Brassett, stated.

“We need to be well prepared for that because it’s very important for savers to have trust and confidence in dashboards right from the start.”

The government’s MoneyHelper Pensions Dashboard will be the first to launch to the public, with saver testing expected to start in Summer 2025.

Additionally, all UK pension schemes must be fully connected by 31 October 2026.

Brasset explained that it may have been several years since some savers have been in contact with their scheme but once dashboards launch it will suddenly be “front of mind” for many.

She also suggested that the way people use dashboards is likely to differ, with young savers possibly wanting education on what a defined contribution scheme is, how they invest, and how much they should save.

At the same time, she said those approaching retirement may desire information about transfer options and when they can afford to retire.

“We recognise that this is likely to prompt a lot of questions from members who are not fully familiar with their pension provision so, as an industry, we need to provide information and education for members of all types,” she added.

WTW’s poll also suggested that after the MoneyHelper Pensions Dashboard is released, schemes are keen for private sector providers to launch dashboards.

Indeed, 32 per cent of schemes polled would welcome the addition of private sector dashboards within six months, while 39 per cent suggested a timeline of between six and 12 months.

The remaining 29 per cent of respondents thought between one and two years was likely, and no respondents thought two years or longer was reasonable.

“Industry views private sector dashboards – those provided to savers by pension providers themselves – as an important part of how people will engage with dashboards” Brassett continued.

“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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