The majority (82%) of workplace pensioners plan to use dashboards when they are launched, underscoring the importance of having scalable solutions that can cope with increased demand, research from Bravura has found.

Bravura said retirement dashboards could see an “explosion” of users looking to better understand and manage their future retirement savings.

For those planning to use a pension dashboard service, 76% said it would have a positive impact when planning for their retirement, while 60% expect to find a lost or forgotten pension.

The research also found that respondents were interested in finding and viewing pension information (50 per cent), using dashboards to monitor pension contributions (45 per cent) and estimating their total balance at retirement age and to be aware of the performance of their pension. investments (42 percent).

Additionally, in the long term, if pension dashboards were able to offer services to better manage retirement money, 36% of respondents would like to see insight tools such as calculators, estimators and analyzers.

Meanwhile, 31% would be interested in consolidating pensions through dashboards.

In addition, the research also found that 52% of workplace pensioners felt overwhelmed by managing multiple retirement homes, with 25-34 year olds struggling the most to manage their homes of multiple pensions, compared to any other demographic group (64 per cent).

Bravura noted that since the introduction of automatic enrollment in 2012, which brought around 10 million new workplace pension savers, a third (33%) of those aged 55 and over now face challenges similar.

Commenting on the research, Bravura propositions lead Europe, Middle East and Asia (EMEA), Jonathan Hawkins, said the dashboards “couldn’t be better for the public”.

He said that as well as helping pension savers struggling to manage multiple pension homes, it could “open up a world of possibilities” for pension providers to increase the level of support and personalization targeted to different categories demographic.

Hawkins added: “The potential population of dashboards means all eyes will be on the industry when dashboards are open to the public.

“While dashboards are federated by design and should handle spikes in demand from potentially millions of calls for data.

“However, any user action on the dashboard beyond ‘passive monitoring’ risks invalidating providers with high volumes of requests that require manual intervention – such as error correction, calculations, transfers, consolidation or even simple requests for information additional.”

He suggested that if providers were to turn dashboards into an “opportunity” to grow and better support savers, many would need to invest in the underlying technology infrastructure to “finally eliminate the inefficient and messy patchwork of systems that have been built over decades”. .