Interim project is hoped to stop any delays stemming from snap general election
The Association of British Insurers is spearheading an interim project on the development of a pensions dashboard to prevent delays owing to the general election.
The project to develop a prototype pensions dashboard system closed in May. The Government has paused its involvement until after the election next month.
The ABI plans to lead an interim phase of the project in order to keep up momentum.
This will have four main aims:
- To establish an industry cost benefit analysis
- To research customer needs into what features savers will find useful as part of the dashboard
- To establish the requirements and costs for a secure end-to-end service between data providers and consumers
- To further develop technical data standards and work with the Pensions Administration Standards Association on agreeing a code of conduct with The Pensions Regulator
ABI long-term savings and protection policy director Yvonne Braun says: “Creating the infrastructure to offer dashboards is a critical project for the pensions sector and has the potential to revolutionise how people interact with their pension savings.
“The interim work being undertaken by the contributors and the ABI will allow the pensions dashboard to maintain momentum despite the pause in policy development as a result of the general election.
“The work which will be done focuses on filling in crucial gaps which will ensure the project can proceed without delay once a new government is in place.”
The Government wants to the pension dashboard to be launched to consumers by 2019.