Governance and compulsion, two key issues if industry is to run Pensions Dashboard
21 September 2018
20 major pension providers and third party administrators meet to discuss how the Pensions Dashboard could be made a reality.
If the Pension Dashboard is to be operated by the financial services industry, ‘facilitated by Government’, as indicated earlier this month by Esther McVey, the Secretary of State for Work and Pensions, then governance of the project and mandatory participation by pension companies are fundamental issues that Government will have to address.
This was a key message to Government from senior decision makers from over 20 major pension providers and third party administrators, who have met to discuss how the Pensions Dashboard could be made a reality.
The meeting, organised by the fintech Origo, was convened to discuss how the industry might deliver the Dashboard. While there was a clear desire for Dashboard to proceed,
the meeting also reflected the need for Government to provide firm direction in terms of compulsion, inclusion of State Pension data, governance of the project and digital identity.
These issues, it was hoped would be clarified when the Department for Work and Pensions (DWP) concluded and published its Feasibility Study, providing industry with a complete understanding of the practicalities of Government ‘facilitation’.
In early September, McVey was reported as considering the scrapping of Dashboard on the basis that Government should not run it. This resulted in outcry from the industry as well as the setting up of a public petition – currently at over 198,000 signatures.
McVey and Parliamentary Under Secretary of State for Pensions & Financial Inclusion, Guy Opperman later confirmed that Dashboard would go ahead, run by the industry but ‘facilitated’ by Government.
Anthony Rafferty, managing director of Origo (pictured), said he was “very much encouraged by the level of enthusiasm, commitment and drive amongst the industry members present [at the meeting] to get the Dashboard up and running and serving consumers as quickly as possible.”
Rafferty said he would be updating the DWP and Frank Field, the Chair of the House of Commons Work and Pensions Committee, on the key discussions and “Origo’s perspective on the practicalities of delivering the Pensions Dashboard.”
He added: “Origo has the track record of leading successful collaborative industry projects for the benefit of consumers, as well as wide-spread trust to help lead the timely delivery of a world-class, secure, reliable and cost-effective technological solution. We are absolutely committed to the delivery of the Pensions Dashboard which we believe is an important catalyst for engaging consumers with their pensions.”
Origo is to launch Unipass Letter of Authority (ULoA) at the end of November, a service aimed at simplifying...
Professional Paraplanner’s publisher, Research in Finance (RiF), is a leading research company in the financial services sector. On occasion our readers...
While the aggregated costs and legacy trail commission regime remains far from perfect, some clarity can be gleaned, says...