Pension advisers want dashboard roll out prioritised

DB pensions still misunderstood by membersAddressing climate change and rolling out the pensions dashboard are the biggest priorities for workplace pension scheme advisers this year, research has revealed.

The Society of Pension Professionals (SPP) asked its members where they wanted the government and regulators to focus attention over both the next 12 months and the next three-to-five years.

In the short-term, 29% wanted the government to successfully deliver the pensions dashboard, which will allow everyone to see all their retirement savings information in one secure place online.

The same proportion wanted action to embed climate change risk management into pension schemes, improving both financial returns and the quality of the environment people would retire in.

Looking longer term, 43% of polled members said improving defined contribution outcomes in retirement was their the top priority for the government and policymakers over the next three-to-five years. Advisers want to see more innovation in retirement products as well as better advice and guidance at retirement.

Approximately 32% want the current tax system to be amended to support long-term saving over the next three-to-five years.

There is a disconnect between what advisers want and what they expect to get. For example the pensions dashboard is not expected to be a top priority for policymakers over the next 12 months, while 61% believe it will be top of the pile over the next three-to-five years.

One in five SPP members surveyed highlighted the implementation of the auto-enrolment review’s recommendations as being the most important thing to them over the next 12 months, with qualitative feedback mentioning a need for urgent removal of the lower earnings limit and reduction of the lower age limit.

James Riley, president of the SPP, explained that it is clear from the survey that the roll out of the pensions dashboard is equally as important to pension professionals as addressing the climate crisis over the next year.

“Meanwhile, a host of other industry-defining issues, from auto-enrolment to pensions tax reform, remain high on the industry’s to-do list,” he said. “The SPP remains committed to ensuring action on these priorities is delivered in the short and medium term in the interest of savers and investors.”