Industry calls for multiple Pensions Dashboard solution
10 June 2018
The pension industry would prefer to see a multiple dashboard solution rather than the single dashboard, according to a new survey by TISA.
In a survey of 28 firms across the pension industry, including providers, administrators, fintech firms, fund managers, banks and law firms, an overwhelming 71% said they would choose an ‘open standards model’ for the new pensions dashboard, allowing firms to offer their own dashboard options to their customers providing they conform to a set of specified industry standards.
Charles McCready, strategic policy director at TISA, said: “We would strongly support adopting this model as it would encourage more innovation and completion, create improved consumer experiences and outcomes for those using the dashboard and drive engagement.”
Crucially, McCready said it would enable the development of an investment dashboard that would allow consumers to bring ISAs and savings into view, giving them a more holistic view of their financial position.
A second option of ‘single provider, single access point model’ was put to those surveyed, but only 6% of respondents supported this.
The third option, which found 23% support, was the ‘single provider, multiple access point model’ which would be accessible via individual providers, however they would not be able to tailor or personalise the dashboard in any way.
Kate Smith, head of pensions at Aegon, welcomed the support for multiple dashboards: “Pension Dashboards will not only generate interest in pensions, they also have the potential to transform pension saving for consumers and advisers. Providing a clear view of all their pension pots at a glance, saves time and effort, and makes advice more affordable.
“Multiple dashboards pave the way for more development and advances in the technology used for keeping track of pensions.
She added: “A single dashboard offered by the public guidance body, carries the risk of standing still and not moving with the times in terms of development and meeting customer needs.
“However, the only way to make the pension dashboard a reality is for the government to legislate. To make dashboards meaningful, all pension schemes and providers need to be compelled to provide information about scheme memberships and ideally real time information and up to date valuations.”
Anthony Rafferty, managing director, Origo, said of the findings: “The TISA survey clearly indicates what the industry would like to see in terms of giving consumers access to pensions dashboards and their future development. Whether there is one or multiple dashboards from launch, the underlying infrastructure must be flexible to cope with future technological requirements. Over time, demand for the service can only grow as more people join workplace pensions, particularly through auto enrolment, and those also wishing to check on their State Pension.
“Origo analysis shows that up to 15 million people could want to access the dashboard when launched and they will want to do so in a way that is easy and intuitive as well as being safe and secure. It is essential that the underlying technology can not only deal with that volume of demand but be able to deliver and maintain the service and data in a way that is secure, robust and scalable.”
The findings of the TISA survey also showed that 96% of respondents said it would need to be mandatory for pension providers to participate to ensure full coverage, while 89% agreed that information made available by all providers would need to be standardised.
McCready added: “These latest results demonstrate our industry’s willingness to work together to create a solution that will help the public plan for a successful retirement. However, whilst it’s great to see that the industry is broadly on the same page, there’s still work to be done. It’s vital that the dashboard is future-proofed to make that it keeps up with evolving technology and we need to make sure we’re keeping consumers details safe without making the platform too difficult to access.”
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