Pension Finder Dashboard project
31 May 2016
The Money Advice Service (MAS) and Association of British Insurers (ABI) on behalf of the Open Identity Exchange (OIX)* have published a report on the latest phase of the Pension Finder Dashboard project. This is a key milestone in achieving the government’s vision for pensions dashboards by 2019.
The Pension Finder Dashboard alpha project working group, a collaboration of 14 organisations, recommended that the dashboard could initially be available in one location, however approved finance industry websites and apps should also be able to host it to maximise consumer engagement in the future.
This dashboard will bring together information about a person’s pension savings in to one single place. This will enable people to take control of their retirement savings and transform engagement with their pensions.
This recommendation was based on consumer research carried out to validate the idea of a Pensions Dashboard, and test the consumer concepts such as: consent to find all pensions, share data, and forecasting future income. Respondents were positive about the proposal and thought it might make them more proactive in managing their pensions, seeking financial advice and increasing pension contributions.
The next phase of the alpha project involves developing a prototype dashboard and continuing to work on architecture and governance.
Caroline Rookes, Chief Executive of the Money Advice Service, said:
“Pension provision has changed significantly over recent years and it is more important than ever that individuals make good decisions so their money lasts for the full length of their retirement. We know that online banking has empowered people to engage with their money more regularly. We hope that being able to keep track of their pension savings in a single digital place will ensure that people are fully informed and can make decisions about their future savings in a similar way.
It is vital that consumers remain at the heart of this project. It will also be important for industry, consumer bodies and Government to continue to collaborate and maintain momentum for this project to ensure consumers can access their pensions data by 2019.”
The full white paper report can be found here.