1. All pension providers and schemes must make data available to consumers via regulated third parties, including occupational, personal and public service pension schemes. This compulsion requires a legislative change and a completion date stated by Government. 2. DWP must make data about the State Pension available alongside private pension information from day one. 3. A non-commercial service, endorsed by the Government, must be made available. 4. To enable innovation, the Government must enable an “open pensions” infrastructure that allows consumers to access their data via regulated third parties. 5. Dashboards and any other third party services showing consumers their data must be regulated to ensure consistency. Consumer protection requires legislation to establish one or more new regulated activities, which are most likely to be overseen by the FCA. 6. There must be an implementation plan and timetable, endorsed by Government and industry, including an approach to funding implementation and a major programme of communications. 7. An implementation entity must be charged with delivering the service and its governance. This will include establishing a governance body which oversees the network, establishes and manages data standards, data security, and data sharing agreements and which is sustainably funded. 8. Data must be made available in a standardised digitally consumable format. This needs agreed standards, which are being delivered by industry, but which must be mandated by Government and regulators. 9. An infrastructure must be set up to link schemes to dashboard providers so that consumers can find their pensions. This requires the Government’s backing. 10. An identity assurance scheme must be agreed. This requires a policy decision about the use of Verify in this context.
To find out more about how the Pensions Dashboard will work, the Association of British Insurers (ABI) who are managing the Pensions Dashboard prototype project, has a Q&A on their website along with additional useful information.
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Pensions Dashboard - Getting Ready for 15 Million 23 April 2018
Origo has taken a deep dive into understanding the potential number of consumers who will be using the Pensions Dashboard. Their analysis enables them, and the rest of the industry, to ensure that infrastructure and systems are Dashboard ready in 2019. Origo is the technology partner responsible for delivering the ‘engine’ that will find and retrieve pensions data from various providers. Their role now requires them to build on the foundations to create a strong, cross-industry governance model that can deliver a dashboard.
The infrastructure underpinning the Pensions Dashboard must be built from the outset to support significant volumes of consumers from day one, cope with peaks and troughs in usage and scale to the target of 15 million consumers.
Parliamentary Under-Secretary of State for Pensions and Financial Inclusion, Guy Opperman, has committed to launching Pensions Dashboard by the end of 2019, a deadline which Origo both supports and believes is achievable. Just this month, the Work and Pensions Select Committee recommended to Government that it implements a single dashboard by April 2019. One, or multiple dashboards from launch? Anthony Rafferty, Origo Managing Director talks about other European countries that have adopted the Single Dashboard approach, and that they are now experiencing external demand for APIs to access consumer pension data from FinTechs – which is also now driving an increase in usage. Reportedly it is still being debated as to whether there is one or multiple dashboards from launch, but regardless, the underlying infrastructure must be flexible enough to cope with future technological requirements.
According to Mr Rafferty another important aspect is the ability for individuals to delegate access to the new Single Financial Guidance Body for guidance and/or financial advisers. It is estimated that each of us will have around 11
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