Experian among fintech companies developing Pensions Dashboard
Pensions industry appoints six technology providers to develop a number of components for new digital service to streamline pension data on behalf of the Treasury
Experian has been selected among five other fintech companies to support projects that will underpin a Pensions Dashboard digital service being built on behalf of HM Treasury.
The Association of British Insurers (ABI), which is managing the project with a view to launching the dashboard as a full service in 2019, has announced that it has chosen the companies that will work on developing components including a user interface and identity assurance functions.
Treasury economic secretary Simon Kirby welcomed the collaboration between the pensions industry and the fintech sector in order to devise a platform intended to provide greater clarity on individual savings and pensions pots.
“We are making great progress in ensuring people will have all the information they need in one place so they can plan more easily for their future,” he said. “This is a very positive development for consumers and I look forward to seeing a working prototype by March 2017.”
Yvonne Braun, who serves as long-term savings and protection policy director at the ABI, said the dashboard was intended to service as a simplified means of understanding savings from pension schemes across different jobs.
“The practicalities of making this happen are, however, very complex and involve securely retrieving and presenting a large amount of personal and financial information for every person of working age in the country,” she said.
Out of 60 companies said to have expressed an interest in working on the dashboard on a pro bono basis, a total of six organisations were appointed to support the following projects:
- Runpath and Experian will develop a user interface for the dashboard as part of a joint pitch
- Origo and Experian will work on a pensions finder service to retrieve information from different sources
- ITM and Aquila Heywood will provide integration services to connect the dashboard with pension firms sharing data
- ITM will also work with Experian on data quality analysis functions that will try to locate pension information in different systems
As part of the project, Safran and Experian, which is one of the companies contracted to support the government’s GOV.UK Verify ID assurance platform, will serve as identity providers for the Pensions Dashboard.
The dashboard project was first unveiled in the 2016 Budget as a means to overhaul pension management. With the Treasury formally backing work by the pensions industry to develop the new system in September, the department is expected to offer guidance and “independent challenge” around its development.
No mention has been made of what role the Government Digital Service (GDS) or its common platforms such as GOV.UK Verify may play in the system’s development.
However, Simon Kirby has previously committed, from a Treasury perspective, for the dashboard to be developed around open standards to find, collate and share pension information.
“It should be open to a range of companies who can meet basic standards of security and data protection – including banks and fintechs, not just pension providers,” he said in September.