Pensions dashboards have the potential to revolutionise retirement planning by allowing people to see all of their pension savings in one place.
At the moment there is no easy way for people to see the value of all of their pensions, with people having to track down their data themselves, locate missing records and wait for up to date estimates.
Research has shown that over a third of people approaching retirement find it difficult to keep track of their pension pots and there is currently around £400 million worth of pensions pots laying unclaimed.
Pensions dashboards should change this by helping people access their pensions information more easily.
Today’s event, hosted at Aviva’s Digital Garage in Hoxton, brings together over 20 leading technology firms with consumer groups and policy experts to explore the Pensions Dashboard prototype unveiled by the Pensions Dashboard Project Group – a group of pension providers from across different sections of the industry, working collaboratively and project managed by the Association of British Insurers.
Developers are now engaged in a 24-hour ‘sprint’ to develop their idea of what pensions dashboards could look like in the future, with the winners being announced on Thursday.
The Economic Secretary, Simon Kirby, said:
This TechSprint is all about showing what FinTech can do for pensions and in turn what this can deliver for consumers.
Pensions and savings decisions are some of the most important a person will make during their lifetime. The government is determined to make sure people can easily access the information they need to plan effectively for their future.
I am delighted to see so many innovative technology companies coming together to show the benefits for people unlocked by the Prototype Project.
The Pensions Dashboard Project Group agreed to common data standards for the prototype, which have been published today. While these are not the final standards, they should encourage even more companies to get involved in building the sort of technology required to support dashboards.
When testing out the pensions dashboard prototype last week, the Economic Secretary said:
With a few clicks and some basic personal information, I was able to log onto a website which displayed the details of our test person’s pension from a range of real pension companies’ systems. With a glance I could see how much they might earn each month when they retire, how much money was in each pension, and who was looking after these pensions.
The technology works and I am confident that we are close to providing consumers with a one-stop shop that will allow them to see their pensions information at the click of button.
The event will draw to a close the UK’s International FinTech week.