Origo brings together 20 major providers to discuss taking the Pensions Dashboard forward
Senior decision makers from over 20 major pension providers and administrators came together today to discuss how the Pensions Dashboard could be made a reality, focusing on giving every UK saver access to the information required to make informed retirement planning decisions.
Organised by Origo – thought-leaders and developers of a Pensions Dashboard prototype who recently undertook scaled testing of its technology to 15 million citizens – the meeting was convened to discuss how the industry might deliver the Dashboard, ‘facilitated by Government’, as per the statement from the Secretary of State for Work and Pensions, The Rt Hon Esther McVey.
The meeting focused on examining the viability of an industry approach where the citizen is at the heart of the solution and represented the collective desire of those in attendance to take the Dashboard forward.
There was a common desire for the Government to provide clear direction in terms of compulsion, inclusion of State Pension data, governance and digital identity.
The meeting examined an approach that would “protect pension savers and personal information” and “harness the best of industry innovation” as desired by Parliamentary Under Secretary of State for Pensions & Financial Inclusion, Guy Opperman MP, in his recent Written Statement to Parliament.
Key points arising from the meeting included:
1. The importance of DWP concluding and publishing its Feasibility Study as a matter of urgency. This will ensure that industry has a complete understanding of the practicalities of Government ‘facilitation’.
2. The importance of doing this within a suitable governance structure which should be established quickly. All participants want to see governance properly addressed. Discussions explored industry views on shape and size of the governance function and the expectations in respect of costs.
3. A requirement for Government to legislate to ensure the whole industry is fully compelled to participate. A firm stance on compulsion is required for the initiative to be successful for consumers.
Anthony Rafferty, Managing Director of Origo, said: “With Government willing to back the industry to take the Dashboard forward, and while we await the Department for Work and Pensions’ Feasibility Study due out any time now, the industry has come together to discuss the issues at a practical and realistic level.
“Whilst there has been a strong message that government involvement is crucial, it has been a day of interesting presentations, discussion and debate and I am very much encouraged by the level of enthusiasm, commitment and drive amongst the industry members present to get the Dashboard up and running and serving consumers as quickly as possible.
“I will be updating the DWP on the key discussions and will provide Origo’s perspective on the practicalities of delivering the Pensions Dashboard.
“As requested, I will also write to the Chair of the House of Commons Work and Pensions Committee to outline the progress we have made thus far.
“Origo has the track record of leading successful collaborative industry projects for the benefit of consumers, as well as wide-spread trust to help lead the timely delivery of a world-class, secure, reliable and cost-effective technological solution. We are absolutely committed to the delivery of the Pensions Dashboard which we believe is an important catalyst for engaging consumers with their pensions.”