Pensions - Articles - Pensions Dashboard paper from DWP is a positive step forward

Origo welcomes the DWP’s Pensions Dashboards paper, which sets out the practical steps necessary to implement the Pensions Dashboards, starting with the establishment of an industry delivery group by the end of the summer under the Single Finance Guidance Body (SFGB).

 The FinTech’s Managing Director Anthony Rafferty says: “The DWP’s paper is the expected and positive step forward to establishing Dashboards for citizens and sets out the government’s intention “to introduce dashboards as quickly as possible”.

 “Government tested its proposals with the industry, consumer groups and other interested parties, and 125 organisations gave feedback, the ‘vast majority’ of which agreed with the suggested approach.”

 “The delivery group, under the SFGB now has the task of putting in place the architecture that will be needed to make it a reality. It is important that the dashboard project has robust governance and security to protect the individual.

 “There are four key elements to making the initial Pensions Dashboards a reality; governance, compulsion to provide data, state pension and digital architecture. Next steps for all of these elements have been addressed in the paper, which is good news.”

 Rafferty adds: “Origo has taken a leading role in the project from the start and we quickly demonstrated how the technology could meet the government’s policy intent and objectives. Primarily, the dashboard is about enabling individuals to find and view all their pensions in one place, thereby increasing engagement.

 “We are very pleased to see that the paper states it supports ‘the guidance and advice process through the provision of delegated access’ and suggests strong controls for consumer protection.

 “We have built and scale-tested the central components and believe that the digital architecture can be deployed quickly to meet the stated timescales. The task now is for the industry to take that architecture forward to launch. It is a very exciting challenge!”

 “There is no doubt in my mind that once live, the Pensions Dashboards will be instrumental in helping individuals to become more engaged with their pensions and retirement planning.”

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