The majority (82 per cent) of employers are opposed to multiple dashboards and dashboards that do not include state pensions, research from the Association of Consulting Actuaries (ACA) has revealed.

It also found that less than half of employers have cleaned their data in readiness for pensions dashboards.

The ACA’s survey revealed “strong support” for elements of the Pension Schemes Bill, although a quarter of employers remain opposed to the regulator’s direction of travel. In particular, the research found that the majority (72 per cent) of employers support The Pension Regulator’s (TPR’s) proposed fast track and bespoke compliance proposals for defined benefit (DB) pension schemes.

Commenting on the findings, ACA chair, Patrick Bloomfield, stated that whilst there is “strong support” for the pension dashboard, there are warning signs about what is expected and when.

He continued: “The government and TPR should be encouraged by the broad support for the new DB funding code. “But with one in four employers being against the direction of travel, work is needed to resolve the challenges for schemes still open to new members and making the new framework fit for a post-Covid world.”

Bloomfield emphasised that the pension dashboards has the potential to help employees understand their pensions, stating that this is really important given most employers do not provide their employees with access to financial advice.

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