Six new firms sign up to Pensions Dashboard prototype

The new firms are Abbey Life, Fidelity International, Legal & General, Phoneix, Prudential and Scottish Widows.

The ABI is managing the creation of a prototype dashboard on behalf of HM Treasury and says the new additions mean the Dashboard now encompasses all parts of the pensions industry.

The full list includes new companies set up in response to auto-enrolment, existing providers, large Master Trusts, pension administrators managing defined benefit and defined contribution pension schemes, and providers closed to new business.

The prototype dashboard is due to be ready for demonstration in the spring. The ultimate goal, due to be delivered in 2019, is a facility which will enable savers to see all their pension entitlements together online, to give them a clear sense of what income they can expect to have in retirement.

The Department for Work and Pensions is also actively involved to ensure the State Pension is taken into account.

Yvonne Braun, the ABI’s Director of Long-term Savings and Protection Policy, said: “The Pensions Dashboard will be a powerful force for good. Being able to get an overview of all their pension savings at the click of a button or via a smartphone app should encourage people to plan and save for the lifestyle they want in retirement.

“The range of firms involved at this early stage shows the strong commitment across the entire industry and how pensions firms are embracing technological innovation to benefit their customers. There’s a lot to be done before next spring but work on this exciting project is progressing well.”

Economic Secretary to the Treasury, Simon Kirby, commented: "We want people to have the information they need to plan for their futures effectively. That is why I am delighted that the pensions industry is working alongside the FinTech sector to deliver a prototype Pensions Dashboard by the spring. This is a crucial milestone ahead of rolling out a final version that will allow consumers to see all their pension savings in one place at the touch of a button by 2019.”

Pensions Minister, Richard Harrington, added: “By bringing together details of private and state pensions in one place, planning and saving for retirement will be much easier in future. This is great news for savers and has enormous potential to help people track their pension savings.  We will continue to work closely with the industry to make the dashboard a reality by 2019.”