Pensions  

Dashboard urgently needed to help GenX in retirement

Resilience

Also on the panel was Chris Curry, director of the Pensions Policy Institute. "If we look at the financial resilience of GenX, the pandemic has really highlighted this," he said. He spoke of the affordability issues and the need for people to have a mix of long-term and short-term savings.

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He welcomed the comments on the dashboard in the report, saying these will be an "important part" of pension planning in the future from 2023, but said: "These are not a solution in themselves.

"The information provided by the dashboard needs to be used alongside other sources of information and other modelling tools and capability to allow people to make the best [decision]".

Referring to recommendations in the report to perhaps encourage increases to contributions, based on salary increases, Curry said: "There is a real desire to see contributions through auto-enrolment increase but we need to look at a combination of offers.

"Auto-escalation is an interesting idea; it is already possible at the employer level but the government may want to think about how they can encourage that to happen.

"However it works best when there is engagement with individuals, so we need to be careful to ensure there is an 'opt-down'."

Fellow panellist Andy Curran, chief executive of the Phoenix Group, commented: "It is really important that we do bounce off things such as the dashboard, and digital innovation that will help people follow what is happening with their pension and get them engaged.

"This will build up a level of interest across society as a whole as people focus on how their pensions are getting on, and how their contributions are building up."

Reynolds added: "Advice and action on scams also has to be part of this. When it comes down to someone's pension savings, it will ruin your life if you fall victim to a pension scam."

He called for more to be done, as part of a wider regulatory and industry measure, to help deal with financial crime in a much tougher measure.

simoney.kyriakou@ft.com