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The Actuary The magazine of the Institute & Faculty of Actuaries

First pensions dashboard prototype due early 2017, says Treasury

The first test model of a digital interface where people can view all their retirement savings will be developed by March 2017, economic secretary to the Treasury Simon Kirby announced today.


A paper prototype © Shutterstock
The first prototype of a pensions dashboard will be ready by March 2017, says the Treasuary. © Shutterstock

Speaking at an event in London, organised by Aviva, Kirby identified three main principles behind the design of the product: openness, flexibility and reliability. 

The MP for Brighton Kemptown explained the dashboard should be open to a range of companies who could meet basic standards of security and data protection “including banks and fintechs, not just pension providers”. 

“They should be able to access its information to deliver the products or advice their customers ask for,” he added.

In order for the dashboard to be flexible, the city minister said the infrastructure needed to be built in a way it could adapt and expand over time due to various types of pensions and different data presented by providers.

On reliability, he believes people should have access to their pots without having to pay in order to encourage them to save more and trust in pensions. 

“There’s nothing wrong with charging for useful services – be it advice, savings plans, consolidation services or other possibilities that don’t yet exist,” he said. 

“But we need to get the free provision of the basic information right, and make sure it’s consistent across different types of pensions.”

The state pension will also be included in the project. 

Eleven providers have agreed to work together on the pilot. They are: Aviva, Aon, B&CE, HSBC, LV, NEST, Now:Pensions, Royal London, Standard Life, Willis Towers Watson and Zurich. The Association of British Insurers will manage the project.

The dashboard was first announced at the last March Budget. The UK government plans to launch the product by 2019.