Pension Dashboard  

ABI unveils pensions dashboard A-team

ABI unveils pensions dashboard A-team

The Association of British Insurers has established a pensions dashboard team.

In Spring 2017, the ABI is set to manage the creation of a prototype of the pensions dashboard on behalf of HM Treasury.

The aim is to create a dashboard by 2019 that will allow savers to see all their pension entitlements together online, including their state pension and any defined benefit or defined contribution pensions.

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Yvonne Braun, the ABI's head of long-term savings and protection is leading the team, which includes three other members, and additional technical support will be drawn from within the ABI and from external contributors.

Alastair Horn, who performed a similar role for the ABI during the creation of reinsurance scheme for affordable home insurance Flood Re, will direct the delivery of the project with the support initially of two full time members of staff. 

In September this year, HM Treasury appointed self-proclaimed "financial technology evangelist" Ian McKenna to the steering group of the pensions dashboard.

At that time it was announced, Mr McKenna, who is director of the Finance & Technology Research Centre, will join the steering group as one of the the two independent members tasked with the job of providing "challenge to the process and project as it develops".

Earlier that month Simon Kirby, economic secretary to HM Treasury, said three main principles must underpin the pensions dashboard.

Yvonne Braun, the ABI’s director of long-term savings and protection policy, said: “Taking the pensions dashboard from a concept to a working prototype and then to full roll-out in 2019 is going to take a huge amount of work and depends on successful collaboration across all parts of the sector.

"Creating a prototype is only the first step but one which will be crucial.

“We are very proud to be delivering this project on behalf of government and the wider pension sector, and we believe it has the potential to transform long-term savings in the UK for the benefit of consumers."

Mr Horn said: "There’s already a high level of involvement from leading pension companies, technology companies and government departments. Bringing together processes, technologies and participants to prove the proposition is at the heart of this prototype phase.

"More than a dozen pension companies have now signed up to the pensions dashboard project. They are to be joined later by fintech companies to make sure the project benefits from the latest thinking and innovation."

Daren O'Brien, director at London-based Aurora Financial Solutions, said: "Bringing together so many different providers and IT platforms is ambitious.

"With the wealth of experience and talent available, hopefully they can bring it together within the dates proposed. It would be a massive blow if they failed to deliver something that the general public have been crying out for for years."