12 October 2017 – Pensions Dashboard Project Report
The Pensions Dashboard Project publishes a report setting out a suite of 10 policy recommendations for Government based on a range of research evidence collected over the summer months.
19 July 2017 – Financial Guidance & Claims Bill
In the Lords Committee stage of the Financial Guidance & Claims Bill’s passage through Parliament, Baroness Drake speaks to an amendment seeking to make the Single Financial Guidance Body responsible for a public good dashboard. For the Government, Baroness Buscombe undertakes to come back at Report stage with a full statement on pensions dashboard governance.
19 July 2017 – Proven track record of helping retirement planning
In a Commons statement on the proposed rise in state pension age to 68, Secretary of State for Work and Pensions David Gauke refers to the pensions dashboard initiative as an example of the Government’s proven track record on helping people plan for their retirement.
12 July 2017 – FCA Interim Report
The Financial Conduct Authority (FCA) publishes the interim report from its Retirement Outcomes Review. The review included some qualitative research by Ignition House which found that citizens want an online personal financial planning portal to support their retirement planning which the report says may become a realistic option with the advent of the pension dashboard.
4 July 2017 – New Secretary of State’s first speech
Speaking at the ABI’s Long Term Savings Conference, in his first speech as the new, post-election Secretary of State for Work and Pensions, David Gauke cites the dashboard prototype project as a notable example of government and industry collaborating successfully to achieve positive outcomes for consumers. He says such a tool is something which we’d all like to encourage.
4 July 2017 – Single guidance body consultation response
In its response to its consultation on creating a single financial guidance body, HM Treasury states that some consultation respondents had suggested the guidance body should have a dashboard role, such as signposting dashboards, hosting a public good dashboard, or developing governance. But the response concluded the dashboard is at an early stage, with many policy questions outstanding.
8 June 2017 – General Election
The UK re-elects a Conservative Government with Democratic Unionist Party backing.
17 May 2017 – Interim phase announced
The ABI announces it will lead an interim phase of the pensions dashboard project, looking at consumer needs, costs & benefits for the pensions industry, end-to-end system requirements and standards for exposing pensions data to dashboards.
11 May 2017 – Data presentation to drive demand
In a Professional Adviser article, Shaun Gomm, Commercial Director of Sigma (who helped develop the Swedish dashboard Minpension.se), argues that it will be how dashboards present and interpret pension data that will drive demand and engagement.
8 May 2017 – Prototype roadshows continue
25 April 2017 – Easter roundup
A busy Easter period for the dashboard prototype project:
- 12 April: Dedicated website launched on the pensions dashboard prototype project
- 12 April: Economic Secretary to the Treasury Simon Kirby unveils the prototype dashboard at FinTech Week including a 24-hour sprint event developing app ideas
- 13 April: Sprint event winners announced
- 21 April: Following the announcement of the General Election on 8 June, purdah comes into effect, meaning no more Ministerial announcements until the summer
- 24 April: Hargreaves Lansdown reported as keen to join the dashboard group
- 25 April: Prototype demonstration roadshows commence in London.
31 March 2017 – Consumer testing is key
The UK’s largest consumer body Which? publishes a statement in which their money expert Gareth Shaw welcomes the prototype dashboard but says, to be a success, the dashboard must be properly tested with consumers and work for all pension providers.
31 March 2017 – Prototype demonstrated to Ministers
The ABI announce that the prototype has been demonstrated to Ministers. And Economic Secretary to the Treasury Simon Kirby announces that the dashboard will be showcased on 12 April 2017 at the London International FinTech Conference.
27 March 2017 – All singing and all dancing
Speaking to Pensions Age, PTL managing director Richard Butcher says that, to land well, the dashboard must show all of a citizen’s pensions, or risk failure if it is launched too quickly.
24 March 2017 – Allow a thousand flowers to bloom
Speaking at an Aviva-hosted briefing, Danish dashboard PensionsInfo head Michael Rasch said about half of Denmark’s working-age population accessed the dashboard last year, liking its “neutrality”. However, providers are looking to use the PensionsInfo data to develop their own dashboards. Aviva strategy and development director James Ward argued the multiple dashboard model could lead to better consumer outcomes: do you get a really great engaging dashboard by designing one dashboard or by allowing a thousand flowers to bloom and seeing which work?
24 March 2017 – Systems accessibility, performance and data quality
Origo Managing Director Paul Pettitt writes in a Pensions expert blog piece that, as the dashboard is coming, every pensions administrator and provider will need to think about their systems accessibility, performance and data quality.
23 March 2017 – Ideal home for the Mid-Life MOT?
In his final report from the independent review of State Pension age, John Cridland suggests the pensions dashboard could be an ideal home for his proposed Mid-Life MOT. He writes that 50-somethings shouldn’t be considering their pension entitlements in isolation, but rather thinking about how employment can support their aspirations as they approach retirement and beyond. Incorporating a lifestyle diagnostic into the pensions dashboard would help people get the information they need to make informed decisions about pensions and retirement.
17 March 2017 – Collaboration is key
Standard Life Wrap Chief Executive David Tiller advocates in a New Model Adviser article that all providers need to get firmly behind the pensions dashboard, with Experian Head of Wealth Life & Pensions for UK & Ireland Richard Howells adding that he has seen fantastic collaboration in the dashboard prototype build.
16 March 2017 – Employers should engage early
In an article on the Aviva Workplace Focus website, Sarah Coles advocates that employers should engage early with the dashboard initiative so it becomes a triumphant exploitation of a brilliant opportunity.
15 March 2017 – Research video on key consumer concerns
Chris O’Brien, Associate Director at IFF Research explains in a 7-minute video the findings of their recent qualitative research into consumers’ feelings about the pensions dashboard concept.
15 March 2017 – PASA working group
The Pensions Administration Standards Association (PASA) publishes a press release announcing the formation on an industry working group (including me!) to set minimum “dashboard ready” data standards for pension schemes.
14 March 2017 – Prototype demonstrated
A Corporate Adviser article reports that the prototype pensions dashboard has been shown to Government officials at HM Treasury and will be demonstrated to Ministers this month.
10 March 2017 – Personalisation is key
In a wide-ranging blog article, Bravura Solutions’ Business Development Manager Natanje Holt defines a number of characteristics required for dashboard success:
- Customer segmentation is key with different user journeys for different citizens
- State pension, and wider assets, need to be incorporated into dashboards
- Optimisation for mobile devices is critical, now that device usage exceeds PC
- Interactivity should be an aspiration, as has been achieved with the Swedish dashboard and is planned for the Dutch dashboard.
3 March 2017 – Dormant assets report
The independent Dormant Assets Commission publishes its final report, including multiple references to the opportunity to utilise the pensions dashboard to help trace lost assets.
1 March 2017 – Part of the UK Government’s Digital Strategy
Secretary of State for Culture, Media and Sport Karen Bradley includes reference to the pensions dashboard when publishing the Government’s UK Digital Strategy (see section 3. The digital sectors).
28 February 2017 – LISAs must be included
In an FT Adviser article, Bruce Moss, founder and strategy director of fintech firm EValue, argues that the scope of the pension dashboard project must be widened to include other investment wrappers such as the Lifetime Individual Savings Account (LISA).
24 February 2017 – What next, after the prototype?
A month before the prototype dashboard is due to be delivered, two of the 17 participating firms (Aviva and LV=) set out their views that dashboard scammers must be prohibited by regulation and the government needs to be crystal clear about its intentions for the next stages of the project.
14 February 2017 – Gateway or Verify?
Computer Weekly Editor in Chief Bryan Glick explains the internal competition within Government between the two different online identity assurance solutions Government Gateway and Gov.uk Verify.
8 February 2017 – The most ambitious technological pensions project in the world
In a blog article, the ABI’s Jonathon Puttick argues that it is incumbent upon the pensions industry in its widest sense to come together and help individuals prepare for retirement by harnessing the powerful technology we all hold in our pockets.
8 February 2017 – Another call for mandatory participation
Aegon Head of Pensions Kate Smith lists 10 wishes for the Government’s Review of Automatic Enrolment in an Actuarial Post article including that all workplace schemes are required to provide access to a pension dashboard.
7 February 2017 – Legislation needed soon
In a New Model Adviser article, the ABI’s Yvonne Braun is quoted as saying legislation to force schemes to participate in the dashboard should happen sooner rather than later.
3 February 2017 – Legislation needed by 2021
In a blog article for Pension Funds Online, PASA Chair Margaret Snowdon calls for compulsory dashboard participation (at least for defined benefit schemes) by 2021.
1 February 2017 – Desirable properties for the dashboard?
The People’s Pension publishes a onepager about the pensions dashboard, expressing a range of views, including that:
- a not-for-profit body should oversee a dashboard for the public good
- Fintech firms pay towards the public good dashboard in return for being able to white-label it
- Implementation should be staged, moving from the state pension and DCs pot, to DB pensions later, within a published timetable and with participation becoming mandatory for all schemes
- Funding, governance and data protection issues require regulation.
1 February 2017 – Failure is not an option
In a strong blog article, Bravura Solutions’ Marketing Manager Freddie Findlater reiterates a number of key priorities for the dashboard development:
- Success will be judged on getting complete industry-wide support by 2019
- A clear vision and careful planning are key
- No project decisions should be taken without a thorough consultation with savers
- State pension needs to be built into any dashboard the industry develops
- The design needs to be sufficiently open to allow future inclusion of other products.
And finally, Freddie opines that the whole industry must get fully behind the dashboard, and the technology underpinning it, as failure is simply not an option: the pensions industry cannot afford to squander this chance.
26 January 2017 – Who pays for the dashboard?
In a blog article, Altus Director Ben Cocks outlines different funding model options for the pensions dashboard, saying that the commercial debate must not be allowed to get lost in the technology noise.