Origo welcomes publication of Pensions Dashboards Feasibility Study
The Department for Work and Pensions (DWP) has today published its Feasibility Study into how the Pensions Dashboards will be delivered.
Origo’s Managing Director Anthony Rafferty says: “We are delighted that today’s report builds upon previous Government commitments to harness the best of industry innovation while protecting consumers at all times."
“Origo’s raison d'être is to improve outcomes for consumers and these twin themes of innovation and consumer protection are very aligned to our vision and have been the driving force behind our work on the Pensions Dashboards. We have collaborated with Government and industry stakeholders since 2014 to bring a solution to an advanced state of readiness. This experience has allowed us to provide significant input to DWP’s market engagement exercise and we hope that our input proved useful.
“We are pleased that today’s report provides direction on the key topics raised by industry – compulsion through legislation, digital identity, inclusion of the State Pension and suitable governance. This will provide clarity to pension providers to allow active preparations to commence.
“Today’s report takes the industry a step further to delivering a comprehensive, simple, consolidated view of pensions for tens of millions of UK consumers for the very first time. The direction set today should be welcomed given the good it will do for all UK citizens in helping them plan for retirement, find lost pots and in helping to address the savings gap.
“In addition, we believe the Pensions Dashboard will be a foundation for innovation within the long term savings industry and will be one of the biggest catalysts to engagement the industry has ever experienced.
“Origo stands ready to work with industry and Government to progress the world-leading approach that we’ve led on since 2014. This will deliver an innovative Open Pensions landscape where the consumer is at the heart of the solution and their privacy and consent central to the design.
“We look forward to the consumer benefits that will come from innovative services via trusted brands along with delegated authority to allow individuals to share their information with trusted entities such as their financial adviser providing the consumer with full control over what data that they share, with whom, and for how long.
"There is no doubt in my mind that the Pension Dashboard will be instrumental in helping people to become more engaged with their pensions and also their retirement planning. With suitable controls and combined with education, guidance and advice, this initiative will be a massive catalyst to help consumers prepare for and, equally importantly, enjoy their retirement."