ABI to pilot prototype pension dashboard

Yvonne BraunThe Association of British Insurers is planning to create a prototype pensions dashboard, claiming it is best placed to drive forward the project’s delivery.

Speaking at an event in London today, ABI director of policy, long term savings and protection Yvonne Braun said the next phase of the pensions dashboard project should include finalising the governance framework between industry, Government and regulators, developing a prototype to test the technology and see how the dashboard could work for customers and collaborating with the wider industry and interested FinTech start-ups.

Until now, the Pension Finder Working Group led by Money Advice Service, has been working on the project and launched a paper today outlining how this can be created. The ABI wants to work with wider industry including trust based and public sector pension schemes, to ensure that as many people as possible can benefit from the dashboard, with support from the whole market.

Braun said: “The Pension Finder project has laid the foundation for delivering this crucial project and its momentum must continue. As a project that is expected to be industry-led and funded, we believe the ABI is best placed to take forward the next phase to deliver the Pensions Dashboard.

 “The ABI has an unparalleled record of delivering complex, industry-led projects in partnership with Government, such as FloodRe to ensure affordable flood insurance for households at high risk, and MedCo, to protect customers against unscrupulous claims management companies. The Pensions Dashboard should be next on the list.”

“We know we cannot do this alone. We want to work with Government and the wider industry so the dashboard can help customers with public sector pensions and those in trust based schemes.”

“Given that people are forecast to have 11 different jobs during their working life, the Pensions Dashboard is a critical piece of infrastructure to empower customers and prepare them for an ever increasing retirement.”

Standards body Origo managing director Paul Pettitt says: “Trust and credibility are key to ensuring consumer engagement with the pensions dashboard and so ultimately their future retirement planning. The announcement of the pensions dashboard governance function is very welcome. This will enable coordinated cross-industry decision-making and collaborative working ensuring risks and costs are kept to a minimum
“As part of our role within the Alpha project leading the architecture and Standards workstream, Origo will continue to leverage its long-standing experience of working collaboratively. As a not-for-profit industry body, having the unique ability to bring together different organisations to solve common industry problems has been in our blood for over a quarter of a century.”

Aegon head of pensions Kate Smith says: “Delivering a pension dashboard is a massive undertaking involving not only the pension and IT industries but also government and regulators. People will expect to see all their pension savings in one place, but realistically it will take years for a dashboard to achieve its full potential and expand its reach to all pension schemes.”