Origo MD Paul Pettitt confident industry can deliver pensions dashboard by 2019 deadline
Pension Dashboards, if done right could help to transform the pension industry. Not only will they enable consumers to see on one screen, all the pensions that they have and their values, but ultimately will encourage people to make informed dicisions about their retirement planning. Pensions dashbaords are opportunity to engage consumers with their pensions and pensions industry.
The collaborative work Origo has been undertaking with the industry since last summer, plus the advanced progress with its technology developments, are helping to drive the project forward for the industry, Pettitt says.
"There is a strong will within the pensions industry to deliver a pensions dashboard by, if not before, the deadline outlined by George Osborne in the 2016 Budget. Origo is using its experience and expertise to help realise the initiative, working extensively with the industry in developing the open messaging standards and the technology that will make it happen.
"The technology is not an issue. Origo was tasked by the industry to develop the engine that will sit between the dashboard and the pension providers to enable the secure, efficient and cost effective sharing of data, including pension valuations, a critical component of the dashboard landscape if they are to be brought to life for the consumer. That technology is already at an advanced stage of development," Pettitt says.
"Good progress is being made also with a suitable governance model, which is crucial to making the pensions dashboard a reality," he says. This is being driven by the Pension Finder Alpha Project, which is a cross-industry initiative being run by the Money Advice Service, with input from the Cabinet Office, professional bodies, banks, pension providers and automated technology suppliers like Origo.
"This Project, alongside inclusion of the State Pension valuation, will encourage cross-industry participation and provide the basis for reasonable coverage, which is the key requirement to getting the pensions dashboard up and running."
Pettitt concludes: "The benefits that consumers - as well as the pensions industry - will derive from the introduction of the pensions dashboard are clear and significant. "Working with the industry, Origo is in a position to deliver a technological solution, conforming to the agreed governance model, in advance of the three-year deadline.
"Building on progress to date, the industry now has the opportunity to push ahead and if it does, I am confident that the pensions dashboard can be made a reality sooner rather than later."