Pension Dashboard 

Pension industry reveals pensions dashboard wishlist

Pension industry reveals pensions dashboard wishlist

The majority (71 per cent) of industry players would prefer an open standards model for the new pension dashboard, research from the Tax Incentivised Savings Association (Tisa) revealed.

This solution would allow pension providers, platforms, distributors and fintech service providers the opportunity to offer their own dashboard options to their customers, providing it conforms to the pre-agreed set of principles industry has set and governs, the organisation said.

The plan behind the pension dashboard, which is due to be launched in 2019, is to create the technology to enable savers to see all of their retirement pots in one place at the same time, giving them a greater awareness of their assets and how to plan for their retirement.

FTAdviser reported this week that providers are getting frustrated about the government's delays in publishing the final details around the pension dashboard, with many claiming they have not got adequate time to prepare for its launch.

Tisa surveyed 28 firms from across the pension industry, including pension administrators, pension providers, fintech firms, fund managers, bank/building societies and law firms.

Charles McCready, strategic policy director at Tisa, argued the organisation would strongly support an open standards model for the dashboard, "as it would encourage more innovation and competition, create improved consumer experiences and outcomes for those using the dashboard and drive engagement".

He said: "Crucially, it would also enable the development of an investment dashboard allowing consumers to bring Isas and other savings into view giving them a holistic picture of their financial position."

A second option surveyed was the 'single provider, single access point model'.

Only 6 per cent of respondents supported this and it would only be available via the Single Financial Guidance Body – which will bring together the functions of the Money Advice Service, The Pensions Advisory Service and Pension Wise into a single body.

The third option, which had 23 per cent support, was the 'single provider, multiple access point model'.

This would be accessible via individual providers; however, they would not be able to tailor or personalise the dashboard in any way, Tisa said.

On security, 85 per cent of respondents said the new dashboard would need to have strong safeguards and identity restrictions in place.

The industry players also agreed there would be benefit in having a single security system used across the Single Financial Guidance Body/Department for Work & Pensions (DWP), the pensions industry and dashboard providers.

Nearly all participants (96 per cent) agreed there would need to be mandatory involvement for all pension providers to make the dashboard a success.

Mr McCready said: "These latest results demonstrate our industry's willingness to work together to create a solution that will help the public plan for a successful retirement.

"However, while it is great to see that the industry is broadly on the same page, there is still work to be done.

"It is vital that the dashboard is future-proofed to make sure that it keeps up with evolving technology and we need to make sure that we’re keeping consumers details safe without making the platform too difficult to access."