Research shows that an individual can have up to 11 employers over their working life; and with each job comes a pension. When each person has around 11 pensions with different providers it can not only become cumbersome to manage, it can also be confusing. The industry is taking action, to provide consumers with one single view of their pension. Introducing the Pensions Dashboard.
Pensions Dashboard prototype – The progress so far
The project is underway, the objectives are set, so where next? Catch up on all the latest news and developments of this exciting project which Origo is proud to be support.
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Pension Finder service (PFS) and Origo
The Pensions Dashboard project will help to support consumer across the UK heading towards retirement. Finding and delivering pensions values is a vital part of this project and Origo is supporting the development through its Pension Finder service.
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What is the Pension Dashboard?
The purpose of the Pensions Dashboard is to enable consumers to gain a holistic view of all their pension pots. This will help ensure that consumers don’t lose touch with their pensions, can get a sense of their overall preparations for retirement, and empower them to make decisions.
With initiatives such as pension freedoms embedded and auto enrolment coupled with vast choice of savings vehicles and more pension products available then ever, it’s a very complex and daunting landscape that consumers have to face. Being able to view, track and manage their pensions all in one place is the next logical step for our industry and that's just what a Pensions Dashboard will do.
How will the Pensions Dashboard work?
Pensions Dashboards will be powered by a Pension Finder service. This is the engine that will power the Pensions Dashboards. When an individual presses the ‘Find my pensions’ button the Pension Finder service will go off and find all the pensions that person has – DC, SIPPs and more.
Origo is playing a key role; we are working with the ABI and the industry to build the Pension Finder service which will be responsible for retrieving any pension data.
Each individual will also have a secure online identity, that cannot be forged, to ensure that when they request their pension information it is them who is doing so and not another malicious party.
Will there be more than one Pensions Dashboard?
At the moment the industry is working towards getting one up and running, but the long-term view is there there will be multiple Pensions Dashboards. This enables organisations to build a Pensions Dashboard that is most appropriate and useful for their customers.
Having multiple pensions dashboards will help the industry help consumers better. We are supportive of the open standards and infrastructure the industry is developing, after all we already provide open standards which support hundreds of organisations and thousands of consumers every day.
What now: Pensions Dashboard project
Getting the industry to work together to deliver the Pensions Dashboard is a huge project - one that we are perfectly placed to support. Now in Phase 2, there are three distinct key areas of focus - and we continue to play a key role in the coalition of the willing.
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Pension Finder service - Bringing the industry and consumers together
We are supporting the "plumbing" part of the Pensions Dashboard project. Designing the service to ensure it's not only scalable but also that it is built on open standards so that organisations may simply and cost effectively connect with it.
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