Pensions Dashboard prototype
Since the introduction of Auto Enrolment and Pension Freedoms, the pensions landscape has been transformed. Consumers are facing a more challenging and more complex savings environment than ever before. As individuals are being encouraged to take more control over their retirement income and savings, it’s vital that we, as an industry, support them and aim to provide them with the information they need to make informed decisions about their finances. A Pensions Dashboard will do just that.
For individuals attempting to keep tabs on their pensions, while trying to plan for the future, could mean many months of late nights and weekends dealing with paperwork and making various phone calls.
The ability for individuals to view all their pension pots, easily in one place, whether that be desktop, laptop, tablet or mobile – wherever they choose - the Pensions Dashboard aims to enable customers to view their all of their pension pots, whenever and wherever.
The Pensions Dashboard Prototype
The Pensions Dashboard will help to encourage greater engagement from individuals with their pensions and will help them to think about and start actively planning for their retirement.
To make sure this happens, the industry has been tasked by the government to deliver a pensions dashboard by 2019. Excellent progress is already taking place and the prototype is now available for viewing.
Who is working on the Pensions Dashboard Prototype project?
In 2016, OIX (Open Identity Exchange) managed a cross-industry project representing a variety of industry partners. As a result of this work, the Pension Finder Alpha White Paper was published that identified a dashboard solution was needed to support customers.
Tasked by the HM Treasury, and using the findings from the White Paper, the ABI are project managing the current Pensions Dashboard Prototype project. As part of this project, there are six technology firms appointed to develop and produce a dashboard prototype by end of March 2017. We are proud to say that Origo is one of these organisations and delivered the prototype ahead of schedule.
The full list of participating organisations:
|- AON Hewitt
||- Aquila HeyWood
|- Legal & General
|- NOW: Pensions
|- The People's Pension
|- Phoenix Group (inc. Abbey Life)
|- Royal London
|- Scottish Widows
|- Standard Life
|- Willis Towers Watson
How will it work?
Here's a quick overview - step by step - of how the dashboard prototype works for the consumer:
- First, you're asked to confirm your identity using a process such as gov.uk/verify.
- You're then requested to officially give the pensions dashboard permission to share your information with various pension providers and pension schemes, including any potential third-party connections they might use to complete the process.
- The query will be sent to all the different pension schemes and providers to find any pension pots which match you details. Your state pension will be included.
- Any pensions data found matching your details will be delivered back to the pensions dashboard showing you all your information on one single page.
- It will display the names of the schemes and providers, their estimated value at a particular retirement age.
- There's the option to click on a scheme or provider your interested in and the dashboard will display more information on that provider, namely contact details.
What will it show?
Although at prototype phase, the Pensions Dashboard aims to enable the customer to access details of all of their pension savings, including their State Pension and final salary (DB) schemes. Watch the prototype video above to get an idea of how the Pensions Dashboard could work.
Are there any principles behind a Pensions Dashboard?
As defined by Economic Secretary (at the time of the project initiation), Simon Kirby, the Pensions Dashboard needs to have three definite and underlying principles to ensure it meets the purpose for which it’s being developed.
- It needs to be open. Built on open standards so it’s a common language for all partners to integrate with, share and find information.
- It needs to be flexible. It must be able to adapt and accept different data levels at different times.
- It needs to be reliable. There must be minimal standards for how data is shared. The service must be trusted and consistent.
What about security…how will it identify individuals and prevent fraud?
Alongside the data engine and dashboard screen design, the other pieces of the jigsaw that will see a Pensions Dashboard delivered on time are governance and the digital ID verification process. The latter is one of the key elements to the success of the Pensions Dashboard. Identity verification and security must be sufficiently strong enough that the DWP is confident to provide state pension information to Pensions Dashboards.
When is the Pensions Dashboard due to be delivered?
The Pensions Dashboard Prototype has been successfully demonstrated to the industry and HM Treasury in March, April and May 2017. The complete dashboard is due to be delivered in 2019.
What was the Tech Sprint?
The project was in it's third (prototype demonstration) phase and was demonstrated to the Treasury. A Tech Sprint took place at the AVIVA digital garage on 12th & 13th April 2017, which brought together FinTech organisations from across the UK to explore ideas and the latest innovations for the Pensions Dashboard delivery and beyond. Exploring concepts like could Alexa provide you with updates on your pension pots?
Where is the Pensions Dashboard project now?
It was announced on 19th Oct 2017 at the that the Pensions Dashboard will go ahead. Guy Opperman (now Pensions Minister) confirmed that the Department for Work and Pensions (DWP) would now be taking the project forward he stated "I want to make it clear that the project will go ahead. The dashboard is a key part of our desire to ensure consumers are able to understand their pensions and plan properly for their future."
This is excellent news for customers and great news for the industry that the Pensions Dashboard project will continue to develop.
What has Origo contributed to the project?
We have been heavily involved in the development of the Dashboard from the Pension Finder service to integration services and more. We have continued to be involved in the development of the project and most recently have worked with partner organisations ForgeRock and UMA (User Managed Access) to develop some new and helpful features to support the needs of the customer.
Delegated Authority is the latest development to the Pensions Dashboard project.
The Pensions Dashboard information website >
Treasury website >
Project Alpha White Paper >