Ivan McKee MSP visits Origo for demonstration on Pensions Dashboard
Ivan McKee, Scotland's Minister for Trade, Investment and Innovation, has visited the Edinburgh headquarters of Scottish FinTech, Origo, where he was given a demonstration of Origo's world-leading solution for the Pensions Dashboard.
The Pensions Dashboard will find and display an individual’s pension savings on one screen and is intended to encourage people to engage with and, where appropriate, take action on their retirement income planning.
Origo has been at the heart of the Dashboard project since its announcement in 2014 and was selected to provide a prototype to the HM Treasury sponsored Pensions Dashboard Prototype Project which was project managed by the Association of British Insurers (ABI). More recently Origo has provided input to the Department for Work & Pensions’ Feasibility Study and has brought the technological solution to an advanced state of readiness.
Origo is responsible for helping develop and prototype the core technology – the Pension Finder Service – for the Pensions Dashboard. Other industry critical work carried out by the FinTech has enabled significant reduction in the amount of time it takes to transfer pensions (from c.50 working days to an average of 11 calendar days) and ISAs, as well as delivering and servicing digital IDs for 8 out 10 financial advisers in the UK.
Mr McKee met with Origo Managing Director Anthony Rafferty and staff around the building. He was shown the demonstration of how the Pensions Dashboard would work for consumers and heard also about Origo’s aspirations for the future of FinTech in Scotland and the UK.
Scottish Government Minister for Trade, Investment and Innovation, Ivan McKee said: “Scotland is a highly competitive business location, with investment built around the quality of our research and innovation as well as the skills of our workforce.
“Origo looks set to reinforce our reputation as a centre of excellence for financial services and FinTech by transforming the sector’s operating efficiencies. This includes the introduction of their Pensions Dashboard which will allow members of workplace pension schemes to see all of their pension savings at the same time in one private, secure place.”
Anthony Rafferty, Origo’s MD, said: “The Origo team was delighted that the Minister dedicated time to meet with us and to see the important work being developed in Scotland to make Pensions Dashboards a reality. We are excited by the potential for Pensions Dashboard to not only benefit millions of consumers and potentially improve their financial outcomes, but also help to drive further innovation in the pensions market by facilitating an open pensions environment.
“Origo is dedicated to improving the financial services industry's operating efficiencies, lowering costs for market participants and improving outcomes for consumers.
“We work collaboratively with government, other industry bodies as well as product providers, platforms, financial advisers, portals and software suppliers, to find new ways to cut costs and make processes more efficient.
“Formed in 1989 in Edinburgh, we are one of the UK’s longest established FinTechs and we are proud of our long history at the forefront of innovation in Scotland’s and the UK’s financial services industries.”
Matthew Burrell, Retirement and Savings Policy Adviser at the Association of British Insurers, who attended the Minister’s visit, added: “Millions of savers stand to benefit from a pensions dashboard system – an initiative with cross-party support and the backing of consumer groups – which will give everyone much easier access to information about their own retirement prospects. The ABI, leading a cross-industry group of pension providers, pension schemes and FinTech companies, has already delivered a great deal of the work needed to make Dashboards a reality and we look forward to continuing this collaboration with Government.”