Industry meets to discuss dashboard future

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Industry meets to discuss dashboard future

Several pension providers and fintech provider Origo will have a meeting in the next few weeks to discuss the future of the pension dashboard.

FTAdviser understands that providers will discuss several outstanding questions on the future of the project, and see what results can be achieved together.

According to FTAdviser’s sister newspaper Financial Times, leading providers including Aviva, Aegon and Hargreaves Lansdown and Standard Life have been invited to this meeting.

The plan behind the pension dashboard, which is due to launch in 2019, is to create the technology to allow 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.

According to media reports in July secretary of state Esther McVey has made moves to kill off the project, saying the service should not be provided by the state.

However, a Department for Work & Pensions (DWP) spokesperson said at the time the feasibility study, which will set out the data requirements, and which was originally set to be published in March, was proceeding and that the reports amounted to no more than "speculation and rumour".

Meanwhile, September has been identified by some firms as the cut-off point by which the government must have published its feasibility study, or the dashboard may not launch in time to meet its deadline.

Anthony Rafferty, managing director of Origo – fintech company involved in the prototype of the project – said the industry was waiting for the government’s feasibility study and for legislation mandating all pension companies to comply.

He said: "We are all waiting to be told 'go, deliver'. We have been thinking on what we could as an industry if the government doesn't legislate.

"The clear message that has come back so far is that the industry does want a dashboard, but it does want the DWP to mandate all pension companies to provide the data."

Mr Rafferty said it was premature to consider if the industry is going to deliver the project without support from the government.

He said: "It will be very difficult to produce something good enough for the consumers if it was just half of the pensions."

A recent petition urging the government to deliver the pension dashboard has been signed by more than 179,000 people.

According to research from 38 degrees, the campaign group hosting the petition, some 10m individuals could retire with £15,000 less if the pension dashboard is not created.

maria.espadinha@ft.com