22% jump in SIPP providers joining Options Transfers
"Having the ability for people to see all their pensions, including the State pension, in one place online could be a major step forward in helping people plan for their retirement and we support Origo’s continued efforts." Kate Smith, Aegon
Reacting to the recent Budget announcement, Origo has been tasked by the industry and backed by major providers including; Aegon, Ageas, Aviva, AXA Wealth, Friends Life, Just Retirement, MetLife, Legal & General, Prudential, Royal London, Scottish Widows, Standard Life, Unum and Zurich; to deliver a low-cost, simple and secure capability to safely populate consumer-facing Pension Dashboards.
Origo has been working since the middle of 2015 to bring the wider pensions industry together, across Defined Benefit, Trust and Contract based pensions, through its Pensions Register Service project to engage the industry on requirements for Pension Dashboards.
Pension Dashboards will enable consumers for the first time to simply click a button to see all their pensions in one place, project their retirement income, understand whether they are on track for retirement and to be offered options to take action if required; encouraging greater engagement and control of planning for their retirement. It is vital that the supporting architecture is simple and efficient, and importantly, designed with the consumer in mind.
It is also important that it delivers secure and robust transmission of data as cost effectively as possible for the industry.
Jamie Jenkins, Head of Pensions Strategy, Standard Life added "Standard Life has been actively working with the Cabinet Office to start developing a Pensions Dashboard, and is a strong supporter. Automatic enrolment has already brought another 6m people into pensions saving and the flexibility now offered will require that they make some big decisions as they approach retirement. We believe a Pensions Dashboard is an important part of the savings journey in getting people engaged and we're pleased to see Origo advancing the work in this area."
For over 25 years, Origo, the financial services industry's not-for-profit standards and services body, has been working with the industry to solve problems that ultimately improves outcomes for consumers by enabling efficient sharing of data, removing unnecessary costs and delays to common business processes.
Origo is currently in the final stages of delivering an integration hub to enable providers and platforms to more efficiently share data with third parties. This service already supports the sharing of pension valuations, a critical component of the Dashboard landscape. Extending this to support Dashboards is a relatively straightforward and natural development.
Kate Smith, Head of Pensions, Aegon comments; "We've been a long-time supporter of a Pension Dashboard as we believe it has the potential to drive people's engagement with their pension savings, something that has long been missing. Having the ability for people to see all their pensions, including the State pension, in one place online could be a major step forward in helping people plan for their retirement and we support Origo's continued efforts. People will be able to see exactly what they have built up and what more they need to do to achieve the retirement income they aspire to."
Origo was also the body tasked by the pensions industry to deliver the automated pensions transfer service, Options Transfers. Since 2008, Options Transfers has transferred over £80bn worth of pensions with over 80 financial services brands on the service, representing 95% of contract based pension customers - enabling transfer times for consumers to be reduced from months to days.
Paul Pettitt, Managing Director, Origo concludes; "As well as working with the pensions industry to deliver the Dashboard engine, Origo is working with the cross industry Pension Finder Alpha Project, run by the Open Identity Exchange (OIX) and the Cabinet Office on pension Dashboards. Origo is leading the Architecture and Standards workstream in that project and would look to work within the governance framework proposed through this process.
Origo's development work is a big step towards meeting the Government's requirement, stated in the last Budget, that "the industry designs… a pensions dashboard by 2019".