Pension professionals are concerned about the industry’s capacity to handle Pensions Dashboards queries.
Almost two-fifths (39%) said the capacity to handle query volume was their biggest concern.
Almost one in five (19%) of 250 attendees at a webinar held by the Society of Pension Professionals cited data as their biggest concern.
More than one in ten (12%) said they were most concerned about value data not accurately representing a member’s benefits.
Around 250 pension professionals attending the webinar were asked about their biggest concern with the dashboards, due to be introduced in a limited form later this year.
They were also asked if they were confident that their data was now sufficiently 'clean' for members to access dashboards.
More than eight in 10 respondents (84%) said their data was either clean enough to give members access to it via Pensions Dashboards (55%) or that they had a plan for making it so this year (29%).
One in ten (10%) said they had a plan for data cleansing that will take more than a year. Just 6% said that their data was not ready and that they did not have a plan in place for data cleansing.
SPP member Lynda Whitney, senior partner at Aon, who chaired the event, said: “It's great to see the significant progress schemes have made in connecting to Pensions Dashboards, and the level of engagement across the industry. However, the findings from this SPP polling underline that important challenges remain.”
She said concerns around managing potential query volumes and ensuring the accuracy and completeness of member data showed that schemes were rightly focused on delivering a reliable experience.
Ms Whitney added: “Building confidence in the data that underpins dashboards will be vital for their success, and it’s encouraging that many schemes either feel ready or have clear plans in place to reach that position over the coming year.”
SPP is the representative body for a wide range of providers of advice and services to pension schemes, trustees and employers.