Pension Dashboard  

Pension dashboard could be 'foundation' for innovation

This meant the dashboard required a single identity verification point and a central Pension Finder Service to search the entire market to ascertain where an individual’s pensions may be, and to feed the information back to the individual, through the dashboard screen.

"This is all quite different to the open banking approach," he stated.

"Also significant is the complexity of pensions information – the differences between arrangements such as DB and DC arrangements, for example," he added.

Last month, the government said it would let the industry take lead on the project and shied back from committing to force providers to submit client data.

Paul Gibson, managing director of Granite Financial Planning, said: "The pension dashboard could lead to an open pensions system but may struggle to gain traction particularly with some pension providers who struggle to even provide an online valuation system that works.

"Newer pensions should not be an issue but legacy products may prove problematic."