The Pensions Regulator has set up a pensions data and digital working group to promote better use and management of data across the industry.
In a blog, the TPR’s executive director of digital, data and technology Paul Neville said he wanted more cross-sector collaboration on this issue to bring pensions into the digital age.
He says this Pensions Data and Digital Working Group was set to become a “pivotal force” in shaping the future of pensions, and could bring significant benefits for the industry, including near real-time monitoring, better benchmarking, reduced costs and simplified reporting.
Neville added that there will be benefits for savers too. “In the modern world, savers expect instant access to pensions information, but while the Pensions Dashboards Programme will deliver improvements, we are still too far away from achieving the digital access other industries take for granted.
“For millions of savers, better data combined with saver-focused digital solutions will mean clearer choices, fewer risks and more confidence in their financial future.”