More than a third (38%) of pension scheme managers anticipate a 30-50% spike in member activity once the pensions dashboard programme launches, according to research by employee benefits consultancy Willis Towers Watson.
Its survey of 58 UK trustees and pension scheme managers also found that a third of respondents are anticipating a 10-30% increase in activity. Nearly half (46%) expect increased activity to spike for up to a year before calming down, while 28% think it could last for two years and 24% expect levels of increased member activity to last up to five years or beyond.
Additionally, 41% are expecting an increase in email traffic about the programme, 31% are anticipating a rise in telephone and web-chat communications, and 28% expect their scheme portal to be the most heavily used form of member interaction.
Geraldine Brassett, senior consultant in WTW’s outsourcing business, said: “Pension schemes need to be prepared for a significant shift in saver behaviour following the launch of pensions dashboards. The anticipated increase in activity will require schemes to have robust communication strategies in place to handle the expected surge in enquiries. With many schemes expecting the heightened activity to last two years and beyond, schemes need to plan for the long-term implications of pensions dashboards on their operations and resources, and be ready for a potentially prolonged period of increased engagement from savers.
“As pension schemes prepare for the launch of pensions dashboards, it is clear that the impact will be significant, but the dashboard programme also provides a unique opportunity to engage many more members who may not be fully familiar with their retirement savings. Schemes and their administrators will need to adapt their operational processes to manage the expected increase in saver activity effectively.”
The government’s MoneyHelper Pensions Dashboard will be the first to launch to the public. All UK pension schemes covered by the pensions dashboard regulations will be required to be fully connected by 31 October 2026.
