Providers are paying £50,000 each to be involved in The ABI’s pension dashboard project.
The Association of British Insurers is currently convening 17 providers, including Legal & General, Aviva and Royal London, to develop a prototype of a dashboard that will enable savers to collate their pension pots into one digital view.
The prototype is due to be ready for demonstration this Spring, and was first outlined in last year’s Budget. The Financial Advice Market Review said that the pensions industry should make the dashboard available by 2019.
It is understood that the £50,000 payments from providers are covering the costs of the ABI’s role as project manager of the dashboard project but the trade body is not making a profit from the contributions.
The Treasury also retains governance over the dashboard project’s progress.
ABI director of long-term savings and protection Yvonne Braun says: “As we have been clear from the beginning, the 17 pension companies involved in the pensions dashboard prototype are contributors. They are contributing time, expertise and the funding needed to make this ambitious project happen.
“This is a ground-breaking initiative involving the rapid development of new technologies, requiring professional project management and IT and legal expertise. The ABI’s leadership role is helping keep costs as low as possible.”