Pensions Dashboard prototype standards launched
Treasury welcomes introduction of common standards that have been developed by financial service providers at it looks to garner wider stakeholder expertise to create live service
A prototype Pensions Dashboard service being built on behalf of HM Treasury has been launched today with the aim of undergoing further development from a wider number of stakeholders to help create a live service allowing the public to more easily track their savings.
Published today, the prototype provides un-finalised common data standards that can be adopted by other developers and stakeholders to help create a service to streamline how individuals can check different pension pots.
It has been developed through a collaboration of multiple financial service providers managed by the Association of British Insurers (ABI) with wider expertise now being sought to undertake further development.
The prototype launch coincides with a 24 hour “TechSprint” event being held at Aviva’s Digital Garage in Hoxton, London. It will bring together consumer groups, policy experts and over 20 technology firms to set out how the new dashboard should function.
The preferred concepts for a potential live dashboard service, which is intended to be in place by 2019, will be chosen at the conclusion of TechSprint tomorrow (April 13).
Government Economic Secretary Simon Kirby said that the sprint event was intended to show the potential consumer benefits Fintech can have for more streamlined, efficient services.
“Pensions and savings decisions are some of the most important a person will make during their lifetime. The government is determined to make sure people can easily access the information they need to plan effectively for their future,” he said at the start of the event.
“I am delighted to see so many innovative technology companies coming together to show the benefits for people unlocked by the Prototype Project.”
Kirby, who tested the prototype dashboard functions last week, praised the simplicity of allowing individuals to access information with basic personal details.
“I was able to log onto a website which displayed the details of our test person’s pension from a range of real pension companies’ systems,” he added. “With a glance I could see how much they might earn each month when they retire, how much money was in each pension, and who was looking after these pensions.”
Kirby expressed hope that developments made during the sprint event would move industry nearer to providing a one-stop online service to review pensions.
Late last year, the ABI selected six Fintech companies to support various projects that would underpin the Pensions Dashboard.