Press Release


24/09/2015

Pension Register

Origo to develop Pension Register Service with the industry

Origo’s Pension Register Service will provide an index as to ‘who holds what and where’.
Data Matching

Origo, the industry's eCommerce standards and services body, announced today its plans to help the industry create a Pension Register Service.

At present, a UK consumer with pensions across multiple providers and/or administrators has no secure, simple, digital and automated means of viewing their total pensions worth.

This major project from the not-for-profit industry body will offer a database and hub to enable financial brands and other bodies to deliver a consumer 'Pensions Dashboard'.

"This is a massive project but one for which Origo not only has the strength and depth of skill-set and experience but also is extremely well placed to deliver for the industry," says Origo Managing Director Paul Pettitt. "Origo's Pension Register Service will provide an index as to who holds what and where."

He continues: "In brief, the Pension Register Service will create a shared index that can be used by government agencies and companies (pension providers, platforms, third party administrators, employers, banks, tracing services etc.) to provide their own dashboard capability direct to consumers that they have identified and authenticated as eligible for access."

The EC, the UK Government, the FCA and a number of industry bodies and providers are actively promoting and supporting the idea of a pensions dashboard. In addition, market research[1] from pensions provider B&CE found "high level interest in a Pensions Dashboard among the pension-holding general public (77%), across all ages and gender, with women (80%) and those aged from 25 to 34 years (84%) being the most interested".

Pettitt adds: "The high level of interest in the industry for developing dashboard-style access to aggregated pension information for consumers (all lifetime pensions savings and state pension) in one place has been ongoing but now appears to be a higher priority for Government and activity is likely to pick up pace."

"Working with the industry, Origo will be able to develop a Pension Register Service and grow the database along the lines that both the Department of Work and Pensions (DWP) and the Financial Conduct Authority (FCA) have outlined," he adds.

There continues to be valuable activity focused on the consumer 'front-end' dashboard design and consumer identification and verification, led by OIX and the Cabinet Office. Origo's expertise will help deliver the 'back-end' technology, the engine that will drive the aggregation of data, including pension valuations.

Pettitt adds: "What is important is that the consumer is in charge. Research[1] shows that people will want to see as much of their pensions net worth as possible on their individual dashboard. We believe that being able to provide the database to enable delivery of a visible window on a person's net worth will have a profound and positive effect on the UK's savings and investment culture.

"To deliver this for consumers, clear and easily accessible front-end design will be crucial. Additionally, a robust back-end engine will be required to operate under well thought-out and constructed messaging standards and security, and be capable of connecting across a range of financial services products.

"Origo has well-proven expertise in developing innovative technology solutions for the industry - its mandate when established in 1989 - illustrated by the highly successful Origo Options Transfers service, which already enables speedy transfers of pensions, ISAs, GIAs and other assets, and currently handles c95% of contract pensions transfers.

"In fact, over 70 financial services brands use Options to carry out transfers into another pension or drawdown or annuity in as little as 45 minutes - a massive reduction from the previous average of 10 weeks.

"Origo is also experienced in managing legal frameworks to enable secure services, which would be a crucial part of making a Register service work."

-------------------------------------------------------------------------------- 

[1] Source B&CE YouGov Survey Report March 2015"Public attitudes towards a Pension Dashboard"



Let's get started
If you would like more information,
please contact us.
Sign up to our newsletter
Enter your email address to stay up-to-date
with the latest news from Origo

Thanks For Subscribing