Pensions dashboard tools vital: Aegon

Pensions dashboard tools vital: Aegon

Pension dashboards are a crucial way for people to see their pension pots and other savings in an easy, efficient way, Kate Smith has said.

The regulatory strategy manager for Aegon said the Dutch-owned life and pensions company had “always supported the concept of a pensions dashboard”.

She said: “This improves the ability to plan for retirement and in some cases will encourage transferring to consolidate all pensions in one place.

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“We believe this is a viable and innovative alternative to the previous government’s ‘pot follows member’ initiative, which should dramatically improve the public’s engagement with their pensions.”

On 21 September, Origo, the ecommerce financial services standards body, launched its bulk pension transfers service to the market, aimed at making processes more seamless and efficient.

Since the start of this year, the options transfers service has been providing automated transfer of member assets, enabling pension schemes and third-party administrators to cut the time taken.

That technology has now been developed to accommodate bulk transfers.

Paul Pettitt, managing director of Origo, said: “As seen with our individual pension transfer times, there will be huge benefits derived by the industry through conducting automated bulk transfers.

“With the publication of the FCA Pension Freedoms Data Collection Exercise: Analysis and Findings, there is increasing focus on the member experience, leading to manual processes coming under greater scrutiny.”

The new service includes automated monitoring and co-ordination, as well as prompting of actions, with full management information and audit trail for review and compliance requirements.

Adviser view

According to John Broome Saunders, actuarial director for London-based Broadstone, development of technological solutions for defined benefit transfers is urgently needed. He said: “The sort of automated service that Origo provides is likely to become an emerging theme in the next few years. Proper running of these schemes requires proper transactional systems.”