95% of drawdown age savers want to see provider charges on the Pensions Dashboards

Rachael Oku

by , Head of Brand and Communications

22 June 2020 /  

22
June 2020

Woman wearing glasses standing by the river looking out at the water.

London, Monday 22 June 2020: New data released by PensionBee shows that 95% of retirement age savers think it’s essential or important that they can see how much their provider is charging them when they log in to the Pensions Dashboards.

PensionBee, the UK’s leading online pension provider, has today published new data which shows that the vast majority of savers of pension access age (55) or above, expect to see detailed information regarding their pensions once pensions dashboards become a reality.

With regards to data, the PensionBee survey results also showed that:

  • 95% want to see what their pension provider charges them
  • 94% want to see any guarantees attached to their pension
  • 94% want to see their State Pension included
  • 90% want to see where their pension is invested

The findings are based on a survey of nearly 500 respondents asking what information they think is important to have on the Pensions Dashboards. The results follow today’s call for input, which formally opens on 6 July, on pensions dashboards data standards by the Money and Pensions Service.

Earlier this year PensionBee analysed the quality of current pension data and found that pension savers would only locate 61% of their pensions when they log in to the Pensions Dashboards for the first time unless drastic data cleansing actions are undertaken by the pensions industry (1).

Clare Reilly, Head of Corporate Development commented: “Savers have a right to know how much they are paying in charges for their pensions. It is essential to include charges information on pensions as part of the initial phase of the Dashboards, and give this generation - and retirees - a chance to make informed decisions before their pots are spent and gone.”

  1. PensionBee, February 2020

Appendix

Survey data

The respondent group were individuals aged between 55 - 70, and the views reflect those of “people at that age” regardless of whether they have accessed their pension. The total sample size was 462 respondents.

“The Government is developing a service called a pensions dashboard where you will be able to see details of all your pensions in one place. What information would you like to see included?”

Essential Very important Fairly important Not very important Not needed
The amount I am being charged by my pension provider 36% 43% 16% 2% 3%
Where my pension is invested^ 28% 39% 23% 6% 3%
Any guarantees attached to the pension^ 39% 38% 17% 2% 3%
My state pension 50% 33% 11% 3% 3%

^ only add to 99 due to rounding

Notes to editors

Please note PensionBee’s CEO, Romi Savova, sits on the Pensions Dashboards Programme Steering Group and these are PensionBee’s views, not the views of the Money and Pensions Service.

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