He said things would need to be streamlined to win over consumers who had seen many changes to pensions.
Dashboards were seen as a potential catalyst for change that could make a pot for life easier to sell to savers.
David Rich, head of data services at Heywood said: “Dashboards are the beginning of a new world, we are almost moving into open pensions.”
“We know there is a problem around small pots and we know it is in no one’s interest for that problem to continue and get worse.”
He added: “As an industry we should be looking at all these issues not just pension pots but tech and consolidation.”
McPhail said pots for life needed to be part of a wider overhaul of pensions.
“Policy is scrappy, dashboards are not over the line and more work is needed on consolidation and the lifetime provider model.”
Samantha Downes is a freelance financial journalist
