PROOF OF CONCEPT
The ABI and our members contributed to the formation of the dashboards concept through developing a white paper and the pilot on behalf of HM Treasury. Here you can find the learnings from both projects.
Background
A group of businesses from all across the pensions industry worked with Government, regulators and technology companies to create a prototype in autumn 2016 and start to look at what rules and regulations would need to be in place to enable these dashboards. The prototype project has designed and developed the behind-the-scenes technology which could eventually help people find all the pension savings belonging to them among over 60 million pension pots, along with information about their State Pension.
The prototype's concept
The prototype’s customer journey consists of 4 steps:
1) User identity is verified using a process like gov.uk/verify which is already offering secure online access to information such as details on State Pension and tax returns.
2) Click a box to officially give the dashboard permission to share the user’s information with multiple pension schemes and providers, or a third party connection they might be using.
3) Queries are sent to all the different pension schemes and providers to look for the pensions pots which match the personal details provided, including the State Pension.
4) The system reports back on all the pensions it has found to a single page, showing the names of the schemes and their estimated value at a particular retirement age. There will also be an estimated value at the top for the combined monthly or annual income in retirement. In most cases, this will only take a matter of seconds.
It’s expected the dashboards will also allow users to click on each pension pot to get more information about their savings and to view contact details for that scheme.
The proposed pensions dashboard system does not involve creating a large store of pensions data. The technology fetches and delivers back the relevant information when an enquiry is made via the system.
Not all pension providers will have to connect directly to the dashboard system. They may also choose to connect via another service which will handle their data on their behalf.
Prototype dashboard interfaces
