By John Reynolds on 11th February 2020
PensionBee has called for “drastic actions” to remedy the situation.
Savers would find just six out of ten of their pension pots when logging on to the Pensions Dashboard for the first time, according to PensionBee.
PensionBee, a digital pensions provider, has now called for “drastic data actions” to improve data quality.
PensionBee carried out research into the government's planned Pensions Dashboard, a platform that launches later this year that allows savers to see all their retirements pots in one place.
The analysis was based on 6,500 instances where a pension provider was contacted in search of a pension between July and November last year.
It looked at the numbers of pensions that could be matched first try, matches on partial identification, and those that could not be matched despite the belief that a pension pot exists.
The research founds that 61 percent of pension pots (4,056) were found first time while just 13 percent (877) would be partially found and 26 percent (1,742) would not be found at all.
Analysis of the major master trusts showed an improvement in location pension pots, with 79 percent (1,758) found first time around, 14 percent (320) partially found and six percent (137) not found at all.
Clare Reilly, Head of Corporate Development at PensionBee, said: “By the time it launches, savers will have waited more than 20 years for a dashboard so it needs to be fit for purpose from day one."
“This data should be a huge wake up call to the pensions industry. Those with legacy books of business, spread across systems and geographical locations around the country need to finally get their houses in order. The reputation and future of pensions depend on it."
“Whilst they do this only a staged approach can avoid what would otherwise be certain delay. If we want to launch with the best quality data, it’s clear master trusts lead the way.”