Aon and Willis Towers Watson are amongst the group of providers working with the Treasury to launch a prototype pensions dashboard by March 2017.
At an event taking place at Aviva’s Digital Garage, economic secretary to the Treasury Simon Kirby will outline the development programme for the project, which is being billed as ‘an open, flexible and reliable fintech model’.
Aon and WTW are two of the 11 providers – the others are Aviva, HSBC, LV=, NEST, Now: Pensions, People’s Pension, Royal London, Standard Life and Zurich – who have joined the pilot working group, which will be managed by the ABI.
The DWP says the pensions dashboard could help link consumers with the £400m worth of pensions savings estimated to be currently unclaimed.
It is not yet clear the extent to which DB pensions or state pension will be included within the dashboard.
It could also prompt people to seek advice as to whether their pension savings are in the best place.
Kirby says: “Pensions and savings decisions are some of the most important a person will make during their lifetime. The government is determined to make sure people can access the information they need to plan effectively for their future.
“Technology, like mobile phone apps, has made day to day banking easier than it’s ever been and it is time for pensions to catch up. Think of a future where you can compare your pension pots with the touch of a button.
“The Pensions Dashboard will unlock a huge amount of information that will help people make the best choices for them and I am delighted that eleven of the largest pension providers have agreed to work together to build a working prototype by March 2017.”
Aviva chief digital officer Andrew Brem says: “The pensions dashboard is a vital tool in increasing engagement with savings and I’m really pleased that we are working on the pilot. As an industry we need to make it as easy as possible for people to get a view of all their retirement savings in one place to help them take control of their future.
The People’s Pension CEO Patrick Heath-Lay says: “The pensions dashboard has the opportunity to change the way the we do pensions, delivering an infrastructure that has the potential to allow people the opportunity to see all their pensions in one place whilst driving greater efficiency within the pensions system. But it must be built first and foremost for savers and have strong, independent, ownership and governance.”
ABI director of policy, long term savings and protection Yvonne Braun says: “Leading this cross-industry project group to deliver a prototype is a significant step forward in creating a one stop place to help savers see and understand their various pension pots.
“The ABI has a strong track 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.
“Given our ageing society, it’s essential that we engage people in their long-term savings. The Pension Dashboard can help tackle under-saving as well as help savers locate lost pension pots, and empower them to get financially prepared for retirement.”