The ABI calls on the Government to urgently reaffirm its
commitment to enabling a thriving market of Private Sector
Pensions Dashboards in its new report, "Unlocking Pensions
Potential: The Benefits of Private Sector
Dashboards".1
The report outlines why Government support to instil confidence,
paired with an indicative timeline to allow companies to plan to
build these platforms, is critical to deliver the
transformational benefits of pensions dashboards and improve
retirement outcomes for millions of savers.
While the Government-backed MoneyHelper dashboard is a welcome
step, the ABI's report makes the case for its private
counterparts. It argues that relying on a single, state-owned
dashboard will fall short of the predicted impact as it will only
be accessible via one website. Users now expect app-based,
integrated digital experiences, so unless pensions dashboard data
is available through services that people already use, its
visibility and convenience will be limited.
In light of this, the ABI's report argues that a flourishing
market of private sector dashboards is essential to reach the
projected 16.3 million users annually and help recover an
estimated £540 million in lost pension pots.2
Crucially, the ABI's report outlines the risks of inaction.
Private dashboards will equip users with the information and
tools to take action regarding their pension. This could be
simple administrative changes such as updating personal details,
as well as making changes to contributions, accessing their
pension, or consolidating pots. With rule changes, firms offering
pensions dashboards could offer regulated financial advice and,
in future, Targeted Support.3 Importantly, all this
will be delivered within strict regulatory standards, offering
safe and consistent experiences for users. Offering pension
information without the power to act may cause people to resort
to less secure methods or be pushed towards unregulated sources
of guidance.
To unlock the full potential of dashboards, the ABI calls on the
Government to:
Emily Mae Collins, Policy Adviser at the ABI
commented: “Private sector dashboards would be
perfectly placed to complement the MoneyHelper dashboard. While
MoneyHelper's dashboard will fundamentally change how people view
and engage with their pensions savings, private dashboards will
provide the tools to act.
“Integrating dashboards into the apps and services consumers
already use can dramatically increase reach, and support people
to understand their pension in the context of their wider
finances. Before long, the rules should also enable people to
make changes and do so safely - whether that's saving more,
consolidating pots, or accessing advice and new forms of support.
Together, public and private sector dashboards can ensure that
everyone, no matter where they are in their pensions journey, has
the resources they need to plan for a better
retirement.”
ENDS
Footnotes
1. The full report, "Unlocking Pensions
Potential: The Advantages of Private Sector Dashboards", is
available at https://www.abi.org.uk/globalassets/files/publications/public/lts/2025/unlockingpensionspotentialbenefitsprivatesectordashboardsjune25.pdf
2. Department of Work and Pensions
‘Pensions Dashboards Impact Assessment' 2022
3. As part of the Government and FCA's Advice
Guidance Boundary Review, Targeted Support is a proposal in
development which will exist between current guidance-based
services and more bespoke financial advice. It aims to help
consumers, at scale, make effective, timely and properly informed
decisions about their pensions and investments. For more
information, please see here: https://www.fca.org.uk/publications/consultation-papers/cp24-27-advice-guidance-boundary-review-targeted-support-reforms-pensions
