“It may save some costs for review work, but is unlikely to reduce the costs of upfront advice. In comparison, the costs of advice on DB pension transfers could be driven down by standardising the way scheme information is presented by administrators.”
Ms North doesn’t believe reducing costs for advisers will be achievable in the short term “because we are still going to need to pay for more detailed information than will be immediately available on the dashboard”.
However, she adds that if the dashboard has “lofty aspirations” such as providing enough data to allow for initial assessments of individual schemes, it could “potentially be more cost-effective”.
Ms North explains: “I think it could have broader and bigger implications over time if people become much more aware of what they’ve got and what it means. But education is going to need to come with that.”
