The Association of British Insurers has today set out its intention to take forward the next phase to deliver the Pensions Dashboard, including potentially creating a prototype. Speaking at the launch of the Pension Finder White Paper at the ABI, Director of Policy, Long Term Savings and Protection, Yvonne Braun, set out why the ABI is best placed to drive forward the project’s delivery.
Until now, the Pension Finder Working Group led by Money Advice Service, has been working on the project and launched a paper today outlining how this can be created. The ABI wants to work with wider industry including trust based and public sector pension schemes, to ensure that as many people as possible can benefit from the dashboard, with support from the whole market.
The next phase of the Pensions Dashboard project should include:
· Finalising the governance framework between industry, Government and regulators.
· Developing a prototype to test the technology and see how the Pension Dashboard could work for customers.
· Collaborating with the wider industry and interested FinTech start-ups.
Speaking at the event, ABI Director of Policy, Long Term Savings and Protection, Yvonne Braun said:
“The Pension Finder project has laid the foundation for delivering this crucial project and its momentum must continue. As a project that is expected to be industry-led and funded, we believe the ABI is best placed to take forward the next phase to deliver the Pensions Dashboard.
“The ABI has an unparalleled record of delivering complex, industry-led projects in partnership with Government, such as FloodRe to ensure affordable flood insurance for households at high risk, and MedCo, to protect customers against unscrupulous claims management companies. The Pensions Dashboard should be next on the list.”
“We know we cannot do this alone. We want to work with Government and the wider industry so the Dashboard can help customers with public sector pensions and those in trust based schemes.”
“Given that people are forecast to have 11 different jobs during their working life, the Pensions Dashboard is a critical piece of infrastructure to empower customers and prepare them for an ever increasing retirement.”
The Pensions Dashboard is designed to give customers a complete overview of their pension savings. When today’s savers retire, their incomes will not match those of today’s pensioners, unless current savings increase. The dashboard can help to tackle under-saving as well as help savers locate lost pension pots, inform their decisions on retirement planning and support the development of automated financial advice.
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Notes for Editors
1. Rates of savings http://www.ifs.org.uk/publications/8026
2. You can see the Pension Finder Alpha White Paper here.
3. Malcolm Tarling 020 7216 7410 Mobile: 07776 147 667
Caroline Jones 020 7216 7327 Mobile: 07725 245293
Sarah Cordey 020 7216 7375 Mobile: 07860 189071
Anne Mirkovic 020 7216 7633 Mobile: 07738 817074
4. The Association of British Insurers is the leading trade association for insurers and providers of long term savings. Our 250 members include most household names and specialist providers who contribute £12bn in taxes and manage investments of £1.9trillion.