Consumers need the pensions industry to be 100% behind Pensions Dashboards
Pension Dashboards, if done right, could help to transform the pensions industry. Not only will they enable consumers to see on one screen, all the pensions that they have and their values, but ultimately they will encourage people to make informed decisions about their retirement planning. Pension Dashboards are an opportunity to engage consumers with their pensions and the pensions industry.
However, if Pension Dashboards are to get off the ground, they will require the industry to get fully behind the initiative so that as many pension holders can access as many of their plans as possible- making it a true ‘value-add’ when it comes to encouraging savings and retirement planning.
This was the consensus of opinion among the attendees – including key personnel from The Pensions Regulator, DWP, pension companies and third party administrators – at the recent industry conference, Making a Pension Dashboard a Reality, hosted by Origo and The People’s Pension.
Despite evident enthusiasm from the industry to ‘get on’ with the building of Pension Dashboards, the major stumbling block to dashboards taking off in the UK would be the willingness of every pension company and administrator to get involved. For some, it would be seen as an opportunity to engage with their members and clients, whilst others could drag their heels.
The industry is more than equipped to tackle the technology and standards required to successfully and securely operate dashboards. Indeed, Origo is already taking a lead in anticipating this dynamic change to the market, through developing a technological foundation based on open architecture and relevant standards.
However, in order to get consumers to truly engage with dashboards, broad coverage would be crucial. Access to all pension plans, be they with an employer, bank, pension provider and platform, needs to be enabled - and for some, that is going to be a lot easier than for others.
Dashboards will be run by a range of brands including pension companies, banks etc., but behind which there will be a sophisticated and trusted register service. This service will be taking requests for pension information from identity-verified consumers, pushing that out to pension companies and then displaying the pension details including valuations back to the dashboards.
To make the process efficient for consumers and the industry, the system has to be predictable, repeatable and low cost. As an industry-trusted, not-for-profit organisation, Origo is well placed to deliver this messaging capability.