Evey Tang explains how the ABI Pensions Dashboard hub is designed to be a one-stop-shop for members and stakeholders to see all of our work to date in support of the industry embracing this once-in-a-generation transformation.
To spectators who have been monitoring the progress of pensions dashboards since the release of the prototype, 2022 has been an exciting year in which the project formally leapt forward from a concept to reality. Data providers have now seen the draft requirements and are expected to connect their data with the dashboards within just a few months’ time. While some of the details of dashboards regulation are still not clear, digitisation is now an irreversible change in the pension world. The industry will be held accountable to collect, keep and return accurate and up-to-date data to savers. Additionally, providers will need to keep a close eye on fundamental changes in customer needs and expectations that easier access to pension information brings. In the same way that banking information is accessed immediately, the creation of dashboards means that what customers expect from their pension providers can develop far further than where it currently is. Instant access can result in increased demand on their services, both in terms of number of engaged consumers and the functions that they expect dashboards to perform.
The ABI Pensions Dashboards Hub is designed to be a one-stop-shop for members and stakeholders to see all of our work to date in support of the industry embracing this once-in-a-generation transformation. You will be able to find a range of valuable resources, including research, reports, opinion pieces and a member zone which provide helpful guidance on the opportunities presented by this revolutionary change in our industry. The Hub contains the research we commissioned by Britain Thinks about user behaviours on dashboards, which provides very helpful insight on consumer views. This research is based on a sample size of 4,000 people in the UK, the largest on the subject to date. Through the member zone, members will also have exclusive access to resources to support connection to dashboards, including our policy status summary, and source data from our research projects. By collaborating with our members and like-minded stakeholders through this resource centre, we want to help providers maximise the potential of dashboards. By making the most of dashboards, together we can improve the industry’s offerings to customers, making pensions more accessible to the public and integrated with their financial life and needs.
Soon, we will be able to formally welcome the public to start using pensions dashboards. For the time being, welcome to the ABI Pensions Dashboards Hub.