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Eleven providers commit to pensions dashboard pilot

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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.

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Although not originating from the Financial Advice Market Review, the commitment to delivering a pension dashboard was one of its most valuable recommendations. Successful implementation could make key information on savings far more accessible to consumers and provide a foundation for delivering better advice and guidance. Sadly, however, it looks like the actual pension dashboard […]

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. This is another half baked plan that many (if not most) of IFA clients probably won’t be affected in the least.

    Those not investing in a life office pension – those with SIPPs and SSASs. I wouldn’t be surprised if most Personal Pensions are also excluded. From what I have seen this ‘dashboard’ aims to link the State Pension to AE pensions.

    In other words it will probably look more like a Trabant dashboard than one for for a BMW.

  2. I’m not sure where you are getting your information from Harry but it has been made very clear at the public meetings held on the Dashboard so far that the intention is to take a three pillars approach, i.e. Include state benefits, DB and DC schemes of all types. Some providers may be slower than others to embrace Dashboards but all will be activley encouraged to provide data to Dashboard services.

    Pension Dashboards will be hugely relevent to advisers, in a very short period of time who’s dashboard a consumer uses will likely become the best indicator of who the client actually sees as their adviser. It is good to see advice firms joining the project for the first time, hopefully more will follow.

  3. Freddie Findlater 12th September 2016 at 1:45 pm

    I think it is a really positive step forward. This type of technology will be crucial in reducing the ‘savings gap’ albeit, with a lot of help from all over the industry – including financial advisers.

    I just hope that the March 2017 deadline doesn’t undermine the delivery of service. It’s a big project and a short time frame.

  4. Good grief. I always got clients to get a forecast from Newcastle and added this to their current value. Yes, I admit this wasn’t done annually as far as the State Pension was concerned but it still gave a jolly good idea. And every 5 years or so we got another update from Newcastle. In the early years for some clients, the State Pension wouldn’t even cover the taxi fares.

    Let’s see how accurate these dashboards will be and how up to snuff the SIPP and SSAS providers will be in providing the information.

    I do admit that what I don’t know is if this is a compulsory obligation on behalf of pension providers. I see that thus far only eleven have committed. As it is clients are deluged with information and take little notice. How valuable will a figure be for a 40 year old. Assumptions can be made for what they may get in 20 or so years hence, but they are really nothing but a work of fiction. After all values can go down as well as up!

  5. My understanding is there is an intention to get some form of service live by the end of 2017 although that may not include all insurers. There are many propositions that are already available and could receive messages sooner than that.

    Although I was not at this morning’s event myself other members of the F&TRC team were. They tell me, Simon Kirby, the new Economic Secretary said if there are difficulties getting all pension providers on board the Treasury can look at putting in place regulations to enforce this. Government has been very effective at getting the banks to support the Current Account Switching Service so I can see no reason they cannot herd pension providers in the same way.

    The really good news is the Economic Secretary committed to an open infrastructure, no monopoly, not just pension providers to supply dashboards but all types of companies who can meet the security standards. This is a major benefit for consumers and a huge opportunity for advisers.

    • “huge opportunity for advisers”

      That,s one statement that scares the crap out of me……..

      Also if the government is asking all companies to move as one in the same direction…….. personally I think you will have more success herding cats !

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