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Pensions dashboard project unveils technology partners

Pensions dashboard project unveils technology partners

A total of six firms have been chosen as technology development partners on the pensions dashboard project.

In Spring 2017, the Association of British Insurers 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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Over 60 firms expressed an interest in taking part in the project on a pro-bono basis.

After a competitive and rigorous evaluation process, the firms have been assigned to five different areas of the project.

These are the pensions dashboard user interface, which Runpath and Experian will run as a joint pitch.

The pensions finder services, which Origo and Experian will run together, and verification of people's identity and personal details, which Safran and Experian will run.

The integration service providers, providing the additional connections some pension firms will need to share data with the dashboard, which ITM and Aquila Heywood will run.

Finally matching data and quality analysis, overcoming the challenges of finding everyone's pension in every system, run by ITM and Experian.

Yvonne Braun, the ABI’s director of long-term savings and protection policy, said: “The concept behind the pensions dashboard is brilliantly simple – savers should be able to see at a glance what money they are likely to have in their retirement, based on all the pensions they’ve gathered during their working lives.

"The practicalities of making this happen are, however, very complex and involve securely retrieving and presenting a large amount of personal and financial information for every person of working age in the country.

“The pensions industry - in all its forms - is committed to delivering the pensions dashboard, which has the potential to revolutionise how people think about saving for later life. It’s great to see how many technology firms share our vision of accessible pension information as the project goes from strength to strength.”

Paul Pettitt, managing director of Origo, said the firm is one of two suppliers dedicated to working on the pension finder service, in effect the engine that will enable the secure transmission of data between consumers and pension providers.

“We believe that the pensions dashboard will be a game changer in the way that consumers access their pensions information and engage with their retirement planning. We see the work on the prototype as an important step forward to show that not only can Dashboard be delivered but it can be done so in the 2019 timeframe.”