Origo will hive off the division responsible for the pensions dashboard into an independent not-for-profit subsidiary.
The new entity will have an independent board to represent all members of the long-term savings and investments market.
It has already come into existence and it likely to be up and running in little over a month.
Paul Pettitt, managing director of Origo, said the decision had been taken because of expectations that the industry should act cohesively on certain issues, such as the pensions dashboard.
He said: “If the industry doesn’t act cohesively then the government will get fed up with it.
“It might take a little while to engender that trust but this will be an industry utility that will be clear and transparent
“This will be completely different from [pension transfer service] Options or [security service] Unipass.”
Origo is owned by 13 life and pension companies including Aegon, Aviva, Legal & General, Standard Life and Scottish Widows.
Mr Pettitt said another area the new subsidiary might work on could include pension transfers, and attempting to speed them up.
He said: “The Origo board is keen to work with all providers, platforms, schemes, third-party administrators, industry bodies, the regulator and government to enable better collaboration in pursuit of improved customer outcomes.”
damian.fantato@ft.com
