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Seven steps to a practical pensions dashboard

This article is part of
Guide to the Financial Advice Market Review

Chris Hannant, director general of the Association of Professional Financial Advisers, agrees: “A dashboard needs to be as comprehensive as possible, aiming to include all pension assets.

“Advisers need to be able to rely on it if it is to help abridge a fact-find.

“I’d like it to be extended to cover all of an individual’s assets, especially as the line between Isas and pensions becomes more blurred.”

Mr Severn adds: “Historically life offices have had difficulty delivering projects like this because of the many legacy computer systems they have inherited.”

Mike O’Brien, group brands director for Tenet, points out pension plans have changed frequently in terms of design and benefits over time, so “it is going to be difficult to present the information in a format the customer is going to understand.”

Another issue Mr O’Brien raises is that of data-sharing, saying: “Unless providers are compelled to provide information in a prescribed format to a central source on an ongoing basis, there is not going to be much motivation for closed-book providers to participate.”

Seven steps to a practical pensions dashboard (source: Intelliflo)

An infomedia environment allowing the consumer to explore what different types of retirement vehicles offer.

The ability to value the entire portfolio assigned to the post-retirement strategy.

Tools to allow clients to explore shortfalls in the investment strategy during the accumulation phase and the post-retirement outcomes based upon various scenarios the clients want to explore.

The ability to top up and switch investment strategies through a simplified advice offering.

The ability to message or meet an expert to explore what is being presented on screen.

The ability to receive a state pension forecast.

The ability to seek pension consolidation advice

However, Ms Coyle says the basis of such a data-sharing system for DC funds is already available, as providers already supply data feeds to advisers’ back-office systems and operate portals.

She adds to help get the dashboard off the ground, “software developers should work together to create a dashboard or platform through which all systems can communicate with one another.

“Key to this is maintaining security of the data.”