Retirement
From lost pots to smart advice: Navigating the upcoming pensions dashboard
3 min read 23 Oct 25
The information contained in this page is for UK Financial Advice Professionals only. If you are a private investor, please visit the Private Investor section or contact your Financial Adviser for more information.
According to the Pensions Policy Institute it’s estimated that around £31.1 billion is sitting in lost or unclaimed pension pots across the UK. This figure highlights how fragmented the pensions landscape has become and why the government’s Pensions Dashboard Program is being seen as a long-overdue step toward greater transparency and engagement.
For financial advisers, the Dashboard presents both opportunities and challenges. On the surface, it promises easier access to client data and a more informed starting point for retirement conversations. But it also raises questions about how advice is delivered, how clients perceive value, and what role advisers will play in a more self-serve environment.
This article explores the potential upsides and drawbacks of the Dashboard and what it might mean for the future of client relationships and financial planning.
Help or hindrance?
While the promise of better data and client engagement is clear, the reality may involve new challenges, from potential data discrepancies to shifting client expectations. It’s important to note that advisers will not have direct access to the government-backed dashboard. Instead, clients will access their pension data independently via their HMRC accounts, which may lead to queries and requests for interpretation.
Below we explore both sides of the coin.
- Opportunities
- Challenges
Client engagement and proactivity
With pensions more visible, clients may be more likely to engage with their retirement planning. Opening the door to deeper, more frequent conversations.
Better suitability and holistic planning
A full view of pension holdings, when shared by clients, enables more accurate assessments of client needs, risk profiles, and long-term strategies.
New business opportunities
Increased visibility of pensions savings gives advisers an opportunity to reach out and target new clients who may have not considered pensions advice previously.
Improved data access
While advisers won’t access the government dashboard directly, clients bringing their data to meetings could streamline fact-finding and reduce admin time.
Discovery of lost pots
Clients may uncover lost pots through the government dashboard. Advisers can then help these clients manage or consolidate forgotten pensions more easily.
Client overconfidence and DIY risk
Clients accessing their data directly via the government dashboard may feel they no longer need advice, risking poor decisions without understanding tax, risk, or longevity implications.
Fee pressure and perceived value
With easier access to information, clients may question the cost of advice. Especially if they believe the dashboard gives them “everything they need.”
Data accuracy and liability
Advisers may be asked to interpret dashboard data that is incomplete or incorrect, despite not having direct access to the government dashboard themselves.
Increased competition
Banks and other financial organisations may choose to develop their own commercial dashboards to offer advice services, challenging traditional adviser-client relationships.
Regulatory Complexity
Advisers must navigate evolving rules around dashboard use and data handling adding to compliance burdens.
Preparing for the dashboard era
With the Dashboard potentially set to reshape how clients interact with their pensions, advisers have a window of opportunity to get ahead. From auditing client records to updating advice processes, preparation now will help firms adapt smoothly and continue to deliver value in a more transparent, data-rich environment.
- Audit client pension data: Review and consolidate existing client pension records to ensure completeness and accuracy. This will help to cross-reference dashboard data and spot any potential discrepancies early.
- Educate Clients on the Dashboard: Proactively inform clients about what the dashboard is, how it works, and what it can and cannot do. Including the difference between government and commercial dashboards. Consider templated responses or FAQs to manage this efficiently.
- Develop a dashboard response strategy: Anticipate a rise in client questions and requests for advice once the dashboard goes live. Create processes for responding when clients bring dashboard data to meetings. Especially if it reveals unknown or forgotten pensions.
- Learn to interpret dashboard data: Ensure client-facing staff are trained to interpret dashboard outputs, including understanding limitations, assumptions, and potential inaccuracies.
- Update suitability and advice processes: Integrate dashboard data into your fact-finding and suitability assessments.
- Segment clients by digital confidence: Identify clients who may struggle with digital tools to offer tailored support to ensure inclusive engagement.
- Monitor regulatory updates and industry best practice: Stay up to date with FCA guidance, dashboard standards and developments in commercial dashboard offerings. Consider joining working groups or forums to share insights and challenges.
As the 2026 deadline approaches, advisers who prepare early will be best positioned to thrive in this new landscape, turning potential disruption into a strategic advantage.
How we’re getting involved
As a platform we're supporting the rollout of the government’s Pension Dashboard. We’ve completed the initial data preparation and are engaged in the upcoming consumer testing phases. We’ll will continue to support this initiative by focusing on high data quality and system readiness.
Final thoughts
The pensions dashboard is not just a technological upgrade; it’s a cultural shift in how Britons engage with their retirement savings.
While the Dashboard will give consumers unprecedented access to their pension data, information alone doesn’t guarantee understanding. This is where the value of expert financial advice truly shines. Advisers can help clients interpret what they see, make informed decisions, and build strategies that align with their long-term goals. The M&G Wealth Platform supports advisers in delivering good customer outcomes through a flexible proposition that enables a wide range of investment strategies.
The Dashboard may be the starting point, but in the hands of a trusted adviser, supported by a platform built for adaptability, it becomes a catalyst for better planning and stronger financial futures.