UK, 3 July, 2018: Security has been named as the public’s top priority for a pensions dashboard, an Experian survey has revealed.
The government has committed to launching a pensions dashboard by the end of 2019 to allow people keep track of their retirement savings and investments.
However, it is vital a dashboard only shows data to the correct person to maintain security standards. Two in three (65%) people believe it’s very important the company managing a pensions dashboard should share data only with them.
Convenience has also been cited as a major driver for a successful dashboard. Most people (63%) have called for a pensions dashboard to show all their pensions, not just some, while only 18% don’t consider it to be important.
Richard Howells, Director of Insurance, Wealth, Life and Pensions at Experian, said: “Pensions providers have work to do to ensure the correct data is shown to people on a pensions dashboard. Data quality is a challenge. We believe hundreds of thousands of records held by providers are missing correct addresses, first names or surnames, while many more have no postcodes.
“Errors like these could result in people being unable to pass validation to use the dashboard. Our data matching services can ensure people are correctly identified, even if they’ve moved home or job. We worked to tackle these issues in building an Experian pensions dashboard for the government trial.
“Providers can cleanse their data by using data matching software which positively identifies and matches customers, so they can compliantly contribute to a pensions dashboard.”
Experian’s software found 13% of forward addresses, while it also identified 0.6% of customers as deceased.
More than one in four (28%) said they would be unlikely to return to a dashboard if it only showed some and not all their pensions, while a further 19% were unsure. Just over half (52%) would return to a dashboard with partial coverage.
Exactly 50% of people believe a dashboard should go further than simply pensions and show them all their financial information and assets in one place. The survey found 30% did not want a single view of their finances, while 20% had no preference.
For every one million customer records, we typically find:
Notes to editors:
Data for the financial services research was collected via CSpace from a consumer panel across May and early June 2018. The focus of the research is to understand behaviours around consumer views and usage of particular financial products.
Total sample was 2,000 records.
Media contact:
Ade O’Connor, PR Manager, Corporate & Business, UK&I, Experian
Tel: 07583 085 796 / Email: ade.o’connor@experian.com
About Experian
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