The announcement from Secretary of State for Work and Pensions Esther McVey supporting an industry-led Pensions Dashboard facilitated by Government is more a holding statement while we await the publication of the Feasibility Study, and reflects the fact that there is much for Government to consider in terms of the delivery of the live project.
It has always been envisaged that industry would need to take on board the operation of the Dashboard, with Government ‘facilitating’ in respect of governance and legislation.
Origo believes the Dashboard is vital to the pensions and retirement market in the UK, as it will deliver easy, online access for pension holders who need to find and understand their pensions information so that they can engage and plan for their financial future. This is both for those with retirement on the horizon as well as those just beginning their pensions saving journey.
The Pensions Dashboard has the potential to help tens of millions of the UK’s pension holders and savers in the years ahead.
The social benefits driving tangible demand for such a service are reflected in the support for the Dashboard we have been gauging amongst industry members, and a petition launched in response to the report that Dashboard might not go ahead now has over 180,000 signatures, clearly demonstrating the importance to the public of the Dashboard.
Origo has a regular meeting with the industry’s pension providers scheduled later this month, which will help foster collaboration and build on the momentum to make Dashboard happen.
Origo is fully committed to getting the Pensions Dashboard live for consumers. We have been working with the industry in preparation for delivery of a Dashboard solution since 2015. In that time Origo has led research, developed and demonstrated prototypes, steered architecture design and conducted successful scalability testing for 15 million citizens.
Origo, together with other industry members and fintech partners, has put in place the technology to deliver the Dashboard.
We believe the announcement, which affirms Government involvement in making the initiative happen, is a positive step forward for the industry and the UK’s pensions savers and we look forward to the publication of the Feasibility Study in due course.”
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