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Six more companies sign up as the Pensions Dashboard forges ahead

The number of firms contributing to the ground breaking Pensions Dashboard project has increased by over 50% to encompass all parts of the pensions industry, the Association of British Insurers (ABI) can announce today.

The ABI is managing the creation of a prototype dashboard on behalf of HM Treasury and in addition to the eleven companies named at the launch in September, a further six have now signed up to the project. The full list includes new companies set up in response to auto-enrolment, existing providers, large Master Trusts, pension administrators managing defined benefit and defined contribution pension schemes, and providers closed to new business. Together, these companies serve many millions of customers.

The full list of contributing firms is:

  • Abbey Life*
  • Aon
  • Aviva
  • Fidelity International*
  • HSBC
  • Legal & General*
  • Lloyds Banking Group (Scottish Widows)*
  • LV=
  • NEST
  • NOW: Pensions
  • Phoenix*
  • Prudential*
  • Royal London
  • Standard Life
  • The People’s Pension (B&CE)
  • Willis Towers Watson
  • Zurich

(*marks new firms since 11 September announcement, available here)

The Department for Work and Pensions is also actively involved to ensure the State Pension is taken into account.

The prototype dashboard is due to be ready for demonstration in the Spring. The ultimate goal, due to be delivered in 2019, is a facility which will enable savers to see all their pension entitlements together online, to give them a clear sense of what income they can expect to have in retirement.

Yvonne Braun, the ABI’s Director of Long-term Savings and Protection Policy, said:

“The Pensions Dashboard will be a powerful force for good. Being able to get an overview of all their pension savings at the click of a button or via a smartphone app should encourage people to plan and save for the lifestyle they want in retirement.

“The range of firms involved at this early stage shows the strong commitment across the entire industry and how pensions firms are embracing technological innovation to benefit their customers. There’s a lot to be done before next spring but work on this exciting project is progressing well.”

Economic Secretary to the Treasury, Simon Kirby said:

"We want people to have the information they need to plan for their futures effectively. That is why I am delighted that the pensions industry is working alongside the FinTech sector to deliver a prototype Pensions Dashboard by the spring. This is a crucial milestone ahead of rolling out a final version that will allow consumers to see all their pension savings in one place at the touch of a button by 2019.”

Pensions Minister, Richard Harrington said:

“By bringing together details of private and state pensions in one place, planning and saving for retirement will be much easier in future.  This is great news for savers and has enormous potential to help people track their pension savings.  We will continue to work closely with the industry to make the dashboard a reality by 2019.”

The ABI has already hosted the first of a series of challenge panels, with more than 50 stakeholders discussing issues such as dashboard governance, data standards and how best to manage customer expectations.

The project will soon be inviting further participation from technology firms interested in helping to develop the prototype.

The Pensions Dashboard will be among topics discussed at the ABI’s Annual Conference on November 22nd.

  - Ends -

Notes for Editors

    1. Enquiries to:

Malcolm Tarling                020 7216 7410    Mobile: 07776 147667

Lauren Gow                      020 7216 7327    Mobile: 07889 641702

Sarah Cordey                   020 7216 7375    Mobile: 07860 189071

2. The Association of British Insurers is the leading trade association for insurers and providers of long term savings. Our 250 members include most household names and specialist providers who contribute £12bn in taxes and manage investments of £1.9 trillion.

     3. An ISDN line is available for broadcast

     4. More news and information from the ABI is available on our web site, www.abi.org.uk

Last updated 08/11/2016