Pensions dashboards could leave savers at risk of 'poorly informed' transfers

Research finds two-fifths of savers likely to use dashboards to carry out a pension transfer

Martin Richmond
clock • 3 min read

The introduction of pensions dashboards could result in more than £2bn of retirement savings being lost due to “poorly informed” transfers by 2030, according to research.

Data from the provider of The People's Pension's Pension Transfer Outcome Index – which is based on movements where people switch from a lower charging workplace pension that is subject to a charge cap, to a higher charging, uncapped retail schemes – found losses due to these transfers are forecast to rise from £1.2bn to £1.7bn by 2027. The index also reported this figure is anticipated to exceed £2bn by 2030. A survey of more than 2,000 adults, commissioned by People's Partnership and conducted by YouGov in September, found 42% of respondents said they would be likely to use a pensions ...

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