Nearly half of pensions professionals expect dashboards to be used primarily at key life moments such as retirement or job changes, according to a new poll.
The findings point to a decisive shift away from continuous engagement towards more targeted, event-driven use, said pension consultancy Willis Towers Watson (WTW), which conducted the webcast poll.
It found that 43% of UK trustees and pension scheme managers believe members will turn to dashboards at pivotal life events, while 40% expect usage to depend on prompts from communications. Only 13% anticipate regular, proactive use.
The results suggest that dashboards, on their own, may not drive sustained behavioural change, WTW said. Instead, they reinforce the need for communications strategies built around specific life stages, when members are most likely to act.
Geraldine Brassett, senior director in WTW’s Pensions Outsourcing business, said: “It’s becoming clear that dashboards will be most powerful at moments that matter to members. Schemes should not assume that access alone will drive engagement.”
She said targeted communications, aligned to life events, will be critical if dashboards are to translate into better decisions and outcomes.
There is broad optimism about the overall impact of dashboards. More than three quarters (76%) of those polled expect at least a moderate increase in engagement following launch. However, most believe this uplift will be concentrated among members who are already engaged, unless schemes invest in more proactive support.
The firm said dashboards’ success is likely to depend on how effectively schemes manage the surrounding experience, from communications to administration and data readiness.
Ms Brassett said: “Dashboards represent a significant step forward in how members access their pension information. But the real test will be what happens next, how schemes respond to increased demand, how they maintain data quality, and how they support members in turning insight into action.”
• WTW conducted a poll of 96 UK trustees and pension scheme managers as part of its pensions dashboards webinar in June.