Research shows that an individual can have up to 11 employers over their working life; and with each job comes a pension. When each person has around 11 pensions with different employers / providers it can not only become cumbersome to manage, it can also be confusing. The industry is taking action; to provide consumers with one single view of their pension. This is the Pensions Dashboard.
Pensions Dashboard Prototype Project
Origo is very proud to support the Pensions Dashboard Prototype Project.
The project is now in Demonstration Phase with demonstrations taking place at various locations around the UK. So, what is next for the project? Catch up on all the latest news and developments of this exciting project.
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Pension Finder service (PFS) and Origo
The Pensions Dashboard project will ultimately support millions of pension holders and savers, right across the UK. Finding and delivering pensions and their values to a Pensions Dashboard screen is vital to this project - and Origo is supporting this development through its Pension Finder service.
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What is the Pensions Dashboard?
The purpose of the Pensions Dashboard is to enable consumers to gain a holistic view of all their pension pots. This will help ensure that;
- consumers don’t lose touch with their pensions,
- can get a sense of their overall preparations for retirement, and
- empower them to make decisions.
With initiatives such as pension freedoms and auto enrolment now embedded, the increasing choice of savings vehicles and more flexible pension products - planning for the future can become complex and daunting for consumers. Being able to view, track and manage their pensions all in one place is the next logical step for our industry - and that's just what a Pensions Dashboard will do.
How will the Pensions Dashboard work?
Pensions Dashboards will be powered by a Pension Finder service. This is the engine that will find the pensions held by a particular individual. When an individual presses the ‘Find my pensions’ button the Pension Finder service will go off and find all the pensions that that person has – DC, SIPPs, DB, State Pension and so on.
Origo is playing a key role; we are working with the ABI and the industry to build the Pension Finder service which will be responsible for retrieving any pension data. The Pension Finder service is already functioning and part of the working prototype.
Each individual will also have a secure online identity, that cannot be forged, to ensure that when they request their pension information, it is them who is doing so and not another malicious party.
Will there be more than one Pensions Dashboard?
At the moment, the Pensions Dashboard Prototype project has delivered a prototype that is being demonstrated at various events around the UK. The long-term view is that there will be multiple Pensions Dashboards. This enables organisations to build a Pensions Dashboard that is most appropriate and useful for their customers.
Having multiple pensions dashboards will help the industry help consumers better. We are supportive of the open standards and infrastructure the industry is developing, afterall we already provide open standards which support hundreds of organisations and thousands of consumers every day.
What now: Pensions Dashboard project
Getting the industry to continue to work together to deliver a live, all encompassing, Pensions Dashboard is a significant project - one that we are perfectly placed to support. As the project moves beyond Prototype Phase, we will continue to play a key role in the coalition of the willing.
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Pension Finder service - Bringing the industry and consumers together
We are supporting the "plumbing" part of the Pensions Dashboard Prototype project. Designing the service to ensure it's not only scalable but is also built using open standards so that organisations may simply and cost effectively connect with it.
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