Pensions dashboards: what happens after members start using them?

The Pensions Administration Standards Association (PASA) has just published its new Dashboards Toolkit: Post Use Behaviour, shifting the focus from getting connected and achieving compliance to what happens once members actually start engaging with pensions dashboards.

The Toolkit encourages trustees and administrators to consider whether dashboard use leads to changes in member behaviour, including:
• increases in transfer requests and completed transfers
• changes in retirement activity
• increased or different types of member enquiries
• scams, fraud and transfer red flags
• engagement from vulnerable members
• other activity, such as fund switches or contribution changes

Importantly, this is not about creating another extensive reporting requirement. PASA recommends a proportionate approach, using existing reporting where possible and introducing additional monitoring where it adds value.

For trustees, the focus is therefore starting to shift from “Are we ready for pensions dashboards?” to “What impact are pensions dashboards having on our members and our scheme?”

As dashboards move from implementation to everyday use, understanding member behaviour will become an important part of effective scheme governance.

To read the guidance, click here https://lnkd.in/eTheeUVF