Eleven pension providers have agreed with the Treasury to release a model pensions dashboard by March 2017.
Creating a pensions dashboard – a system where consumers can see the performance of all of their pension pots in one place – was one the 28 Financial Advice Market Review recommendations.
The providers that have signed up to the pilot are: Aviva, Aon, HSBC, LV=, Nest, Now: Pensions, People’s Pension, Royal London, Standard Life, Zurich and Willis Towers Watson. The Association of British Insurers will manage the project.
Treasury economic secretary Simon Kirby says: “The pensions dashboard will unlock a huge amount of information that will help people make the best choices for them and I am delighted that eleven of the largest pension providers have agreed to work together to build a working prototype by March 2017.”
The dashboard will also aim to help consumers find “lost” pension pots.
The FAMR report says the technology should be available to consumers by 2019.