A working pensions dashboard prototype has been delivered and demonstrated, hailing the start of a two-year journey to a full consumer launch in 2019, Corporate Adviser understands.
At least one Treasury official is understood to have been shown a prototype pension dashboard that combines a secure identification process with a pension finder function that uses key data tags to scour pension providers and occupational schemes, both public and private sector, to find an individual’s pension holdings, reach into their records and deliver information as to the extent of their entitlement. The demonstration was at a presentation to participants last week.
The dashboard prototype will be presented to industry stakeholders at a series of events next month. It will be presented to ministers later this month.
Questions are understood to remain as to the speed with which defined benefit schemes are required to come on stream. Sources close to the pilot say a system where DB benefits are expressed as both an annualised income and a monetary value, possibly a CETV, will be presented through the dashboard.
Access to the dashboard will be free to the consumer and it is anticipated that entities of all sizes will be entitled to create dashboard interfaces, although it is not yet certain whether commercial entities will have to pay for access to the data available through the dashboard.
The project is being managed by the Association of British Insurers (ABI) on behalf of HM Treasury.
Providers working pro bono on the dashboard are:
Pensions Dashboard User Interface (how people will interact with the dashboard) – Runpath and Experian (joint pitch)
Pensions Finder Services (how the system retrieves information on people’s different pension pots) – Origo and Experian
Identity Providers (verification of people’s identity and personal details) – Safran and Experian
Integration Service Providers (providing the additional connections some pension firms will need to share data with the dashboard) – ITM and Aquila Heywood
Matching / Data Quality Analysis (overcoming the challenges of finding everyone’s pension in every system) – ITM and Experian