2018

15 May 2018 – A user-managed solution

In an extended press release, Origo Managing Director Anthony Rafferty and Chief Architect Kenneth May describe how the relatively new User-Managed Access (UMA) open security standard could allow dashboard users to control who can access their pensions data and for how long.  This, they argue, would create a better user experience which would enable consumers to become better engaged with their pensions.

 

8 May 2018 – An extremely useful tool

In its final report, A New Generational Contract, the Resolution Foundation’s Intergenerational Commission states (albeit on page 187, 85% of the way through the report) that the pensions dashboard will provide an extremely useful tool for individuals to track their various pension pots and their value.  The report goes on to say, however, that individuals would be better served if it were also easier to consolidate pots.

 

26 April 2018 – Alignment to MOT and revised communications

The ABI five point plan, launched at their Retirement Interventions and Innovation Event in London, states that pensions dashboard content should be integrated with the Mid-life MOT.  Dashboard services should also be aligned to a revised suite of tailored and phased pension communications which are given to citizens throughout their lives.

 

18 April 2018 – 15 million dashboard users?

The financial press reports on a recent analysis paper published by Origo which found that pensions dashboard services will be attractive to approximately 13-15 million people.

 

5 April 2018 – Work and Pensions Committee report

The House of Commons Work and Pensions Committee publishes its Report on Pension freedoms.  The report states that the case for a publicly-hosted pensions dashboard is clear cut.  The case for multiple dashboards hosted by providers is far less convincing and would add complexity to a problem crying out for simplicity.  The report goes on to recommend that the Government should mandate all pension providers to provide the necessary information to a single dashboard operated by the new single financial guidance body, over a phased implementation period to be agreed.

 

4 April 2018 – Feasibility report expected in due course

A DWP spokesperson is reported in New Model Adviser as saying that the update on its feasibility work, originally planned to be published in March 2018, will now be published “in due course”.  The report is due to build on the findings of the initial industry-led work and will seek to establish a path towards delivery of pensions dashboard services.

 

26/27 March 2018 – Self-employed TechSprint

A two-day innovation event is run at Aviva’s Digital Garage in Hoxton exploring ideas for making retirement saving more accessible for Britain’s 5 million self-employed people.  The TechSprint challenges teams of experts to develop practical interventions, focusing on the roles that technology, pensions dashboard and open banking could play in helping the self-employed build later life financial resilience.  Of nine competing teams, the overall winners propose using open banking to smooth out irregularities in self-employment income while also earmarking rainy day savings and long term savings.

 

1 March 2018 – Vision for dashboard uses

In an extensive Professional Adviser article, Dunstan Thomas Retirement Strategy Director Adrian Boulding sets out a vision of the multiple potential uses of pensions dashboard services in the fullness of time.

 

28 February 2018 – Raconteur special report

Writing in a Raconteur special report on workplace pensions, mallowstreet Chief Executive Stuart Breyer argues that the ways in which the industry facilitates retirement saving (including pension dashboards) need to be easy, simple, personalised, intuitive and rewarding.

 

27 February 2018 – Scottish political endorsement

Delivering a keynote speech at the ABI Annual Conference, First Minister of Scotland Nicola Sturgeon endorses the “hugely beneficial impact” of the pensions dashboard initiative, in particular mentioning the role played by Edinburgh-based Fintech Origo.

 

20 February 2018 – How to make it work for consumers

Which? publishes an extensive policy report, authored by independent consultant Dominic Lindley, setting out a suite of 12 recommendations for taking forward the pensions dashboard initiative, most importantly: comprehensive coverage, consistent display of pension information and control of dashboard providers.

 

9 February 2018 – If we build it, will they come?

In a New Model Adviser article, Copia Capital’s Malcolm Small envisions a future world where pensions are discussed at dinner parties.  He concludes, though, that it remains uncertain whether pensions dashboard services will finally engage UK consumers, but, if we don’t build the dashboard, we’ll never know.

 

7 February 2018 – Origo comment on CSFI report

Flagging the recent Dependency Trap report from the Centre for the Study of Financial Innovation (CSFI), the new Origo Managing Director Anthony Rafferty comments, in an Actuarial Post article, that it’s important to get the dashboard basics right (for example, robust identification and pension finder services) so that firm foundations are laid on which dashboard services can be developed.

 

6 February 2018 – Open banking: the pre-cursor to open pensions

In two separate articles, Experian’s Richard Howells and Dunstan Thomas’ Adrian Boulding set out how open banking, which went live in January, is the pre-cursor to a new world of “open pensions” in which pensions dashboard services will dramatically enhance consumers’ retirement experiences as well as providing significant opportunities for product providers and advisers.

 

17 January 2018 – Infographic of “Big DB”

Using data from Pension Funds Online, Professional Pensions Editor Jonathan Stapleton uses Infogram to publish an online infographic of the UK’s 20 biggest funded DB schemes.  With total assets between them of approximately half a trillion pounds, these 20 schemes would make an excellent set of early dashboard volunteers.  In particular, between them, they utilise all the major defined benefit administration systems (from which data would need to released for display on dashboards).