"A personalised Pensions Dashboard would really help people to understand what potential pension income they would be able to secure and the sooner this is in place the better."
Over two fifths (43%) said the introduction of the Pensions Dashboard will encourage more people to seek professional advice and nearly two thirds, (63%) say it will help them to advise their clients.
However two thirds do not expect that a digital pension dashboard will be in place by 2019.
Royal London believes that savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in the successful delivery of a Pensions Dashboard.
Fiona Tait, Pensions Specialist at Royal London, said: “There have been several calls to improve the clarity of pensions because they are seen as complex and incomprehensible to savers. Many people are in the dark about what to expect when they retire and at the moment have limited information about their overall pension position. A personalised Pensions Dashboard would really help people to understand what potential pension income they would be able to secure and the sooner this is in place the better.
“It is not surprising that savers find the current systems hard to understand. That is why the role of an impartial adviser is so important, because they do have the expertise and qualifications to help savers, unlike the chief economist at the Bank of England!"
