This article is the first in a three-part pensions dashboards series, created in collaboration with Richard Smith, an independent pensions professional and industry commentator. Richard has kindly shared his insights with us, which we are delighted to feature as we explore how pensions dashboards will reshape the pensions landscape.
The 'birth' of pensions dashboards
When we think about pensions dashboards, rightly or wrongly, some may be tempted to view the launch as the finish line. Connectivity secured, compliance achieved, box ticked. Richard urges us to look at it differently.
“The launch of pensions dashboards is not the end. It is the birth of a baby that will evolve and grow for the next 90 or 100 years,” he explains.
In other words, the MoneyHelper Launch Date (MHLD), and eventually the Dashboards Availability Point (DAP) which enables private sector dashboards to launch, will be the start of a journey, not the end. It signals the moment dashboards stop being a policy ambition and start becoming a living part of how members engage with their pensions.
Building on this concept of dashboards as the beginning of a long journey, Richard goes on to explain how the dashboards ecosystem is akin to an hourglass. The bottom contains the data held by schemes, the middle is the central digital architecture that connects it, and the top is a dashboard, or dashboards, where members will log in and view their pensions.
“Members only see the top,” he says. “But the success of dashboards depends on every layer of that hourglass working.”
When we consider the birth of pensions dashboards 1.0, it becomes clear that this is a platform for growth for both consumers and administrators. The launch will ripple outwards, influencing not just how dashboards look but how data standards, governance and administration are managed across the industry. Success will not just be determined by user interfaces, but also by whether the industry has raised its game on data standards, administration and governance.
So, what happens when members log in for the first time? Richard sees the initial victory as one of emotional engagement rather than instant action.
There are approximately 42 million working-age adults in the UK, and research suggests only about 20 percent know what pensions they hold. Further UK Government research from 2023 compounds this issue with findings highlighting attitudes to pensions are characterised by detachment, fear and complacency, which act as a barrier to engagement.
Therefore, simply being able to see all their pensions in one place, together with a total estimate of monthly retirement income, would be a huge win for millions. Many people approach saving for retirement with uncertainty, and even anxiety, about whether they have will have enough income in retirement. As Richard explains, this shift should not be underestimated.
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“Do not underestimate the incredible benefit of moving millions from a position of fear and detachment to awareness. We need people to move from fear and detachment to awareness, confidence and trust. Three words that spell out the acronym ACT. It's only then will they act,” he adds. |
Richard Smith |
This focus on ACT frames dashboards as the foundation of a better pensions journey. Members cannot take control if they do not first feel secure in what they are seeing, with pensions dashboards acting as the bridge between disconnection and empowerment.
As well as transforming how members access their pensions information, pensions dashboards will shine a bright light on the way schemes handle data and administration. If pensions are missing from a member’s dashboard view, they will not ask who is technically responsible. They will simply conclude that someone or something has failed.
Over time, this will drive up expectations. Where once “the scheme was king,” Richard anticipates a shift where “the consumer is king.” Members will look first to dashboards to understand their retirement picture, not individual scheme websites or member portals. After all, why focus on one pension when you can view them together in one place?
That shift will not stop at compliance. It will create long-term opportunities: cleaner data, faster transfers, integration with fintech, and a pensions ecosystem that looks very different to today. Richard notes that as dashboards embed, consumer expectations will force the industry to modernise. Processes that feel clunky today will be challenged, and the momentum created by dashboards could open the door to more streamlined consolidation, faster transfer journeys and innovation from new digital players.
As we reflect on Richard’s insights in part one of our series, one thing is clear. Pensions dashboards are only the starting point for years of optimisation and improvements. The ripples will touch administration, regulation and member engagement, creating a new digital foundation for pensions.
In part two, we will examine dashboards and their role in reconnecting people with their pensions and what awareness can lead to in the longer term.
We would like to thank Richard for contributing to this series.
You can read Richard's blog on his website dashboardideas.co.uk.