The Tax Incentivised Savings Association has confirmed plans to help the industry make the ‘pensions dashboard’ a reality.
Recommendations set out in last week’s Financial Advice Market Review put forward a 2019 target date for the dashboard.
It explained this “consumer-friendly digital interface” would display information about all of an individual’s pension savings in one place.
This data would ideally be retrieved directly from providers and would not require lengthy data input by the individual.
The dashboard could update in real time and contain projections of pension income based on different scenarios - involving input a wide range of industry and government bodies - according to the FAMR final report.
Tisa today (21 March) stated it should be possible to have most of the market adopting a model before the 2019 deadline and plans to establish an industry run, not-for-profit facility, based on open standards to facilitate the sharing of data.
It will use the Tisa Exchange (Tex) model as a template.
At recently organised Tisa meetings, governance and funding were identified as the two key areas blocking the development and widespread adoption of the pension dashboard.
Adrian Boulding, Tisa policy strategy director, said there was clear demand for its members to step in and help facilitate the construction of the industry utility necessary to enable firms to create a pensions dashboard.
Alongside this, Tisa is already working with the government and other bodies to develop a digital financial identity for UK citizens, added Mr Boulding.
John Sitrling, director at Essex-based Walden Capital said that the dashboard is technically deliverable and Tisa may well be the right organisation to deliver it.
He said: “The industry has shown before that with the right leadership and direction it is capable of delivering on forward thinking aspirations.
“One can but hope that regulators do not interfere too much, beyond ensuring the protections of the individual.”
In March last year, a report suggested a ‘pensions dashboard’ should be modelled on a version used in Sweden, which allows users to get real-time estimates of their combined pension income across public, private and occupational streams once they retire.
Earlier this month, Which urged the government to use the Budget to introduce the dashboard.