ABI to develop Pensions Dashboard prototype

The Pensions Dashboard is designed to give customers a complete overview of their pension savings. The dashboard can help to tackle under-saving as well as help savers locate lost pension pots, inform their decisions on retirement planning and support the development of automated financial advice.

ABI believes the next phase of the Pensions Dashboard project should involve finalising the governance framework between industry, Government and regulators, developing a prototype to test the technology and see how the Pension Dashboard could work for customers, and collaborating with the wider industry and interested FinTech start-ups.

Until now, the Pension Finder Working Group, led by Money Advice Service, has been working on the project and has launched a paper outlining how this can be created.

ABI Director of Policy, Long Term Savings and Protection, Yvonne Braun said: “The Pension Finder project has laid the foundation for delivering this crucial project and its momentum must continue. As a project that is expected to be industry-led and funded, we believe the ABI is best placed to take forward the next phase to deliver the Pensions Dashboard.

“The ABI has an unparalleled record of delivering complex, industry-led projects in partnership with Government, such as FloodRe to ensure affordable flood insurance for households at high risk, and MedCo, to protect customers against unscrupulous claims management companies. The Pensions Dashboard should be next on the list.

“We know we cannot do this alone. We want to work with Government and the wider industry so the Dashboard can help customers with public sector pensions and those in trust based schemes.

“Given that people are forecast to have 11 different jobs during their working life, the Pensions Dashboard is a critical piece of infrastructure to empower customers and prepare them for an ever increasing retirement.”