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Pension schemes face dashboard woes

Solely 1 in 20 pension schemes will have the ability to present dashboard information for all of their members, in keeping with a brand new survey.

Information analysts WTW polled 100 pension scheme trustees and in-house pensions managers.

The outcomes revealed that lower than half really feel they’d have the ability to address the rise in enquiries following the dashboard launch.

There are fewer than 150 working days till the primary Pensions Dashboards’ connection deadline.

Whereas three-quarters of schemes stated they had been assured they are going to be compliant with their dashboard duties in time for his or her connection deadline, solely 5% expect to have the ability to present pensions worth information for all members at launch.

In the meantime lower than half (46%) of schemes anticipate worth information to be obtainable for as much as 90% of members, a fifth (21%) don’t but know what degree of member protection they may have the ability to obtain.

The analysis additionally revealed nervousness round how pension schemes will address the rise in member enquiries anticipated as soon as dashboards have launched.

Lower than half (48%) of these surveyed had been assured that their scheme would have the ability to handle the rise in enquiries, whereas greater than a 3rd (35%) anticipated that their scheme can have problem dealing with the upper quantity.

Geraldine Brassett, director, outsourcing (pension options), WTW, stated: “Pension schemes know there’s nonetheless lots of work to do to arrange for the launch of dashboards, however there are steps they will take to minimise disruption and enhance success for members.”

He stated understanding a scheme’s design and the standard of its information is vital.

He stated: “We all know that pensions information could be imperfect however the actions we take now to grasp and resolve information points will assist to present members the boldness in dashboards. He urged pension schemes to work intently with their directors and suppliers to assist iron out their information challenges upfront of dashboards changing into obtainable to members.

WTW polled 100 pension scheme trustees and in-house pension scheme managers and administrators on 17 January 2023 as a part of its ‘Pensions dashboards: What must you be doing now?’ webcast.



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