UK. Nearly half of savers in the dark when switching providers
More than four in 10 pension savers said they would not know what to look for when switching providers.
More than two in five of the 2,104 savers surveyed by B&CE, the provider of The People’s Pension, would be likely to transfer their savings between providers if they could use a website that allowed them to see their pensions in one place.
The findings are the latest in a flurry of research conducted into consumer behaviour surrounding the pensions dashboards, which are due to be launched in 2023.
Last month, Ipsos Mori said that the dashboards initiative will struggle to get off the ground if it offered a limited ‘find only’ service, which listed pension entitlements but not their values.
The government subsequently confirmed that the dashboards will include a ‘find and view’ offering, allowing members not only to see their pension entitlements, but also the value of those entitlements.
Meanwhile, the Financial Conduct Authority and the Pensions Regulator are developing a value-for-money framework for defined contribution schemes.
Read more @FT adviser
