"It’s a fantastic initiative that will, in time, deliver real consumer benefits. Allowing everyone to see all their pension pots in one place will help them better plan for retirement."
Financial data specialist ITM is urging the pensions industry to cooperate on data sharing standards after becoming one of the six firms chosen as technology development partners for the prototype of the Pension Dashboard.
The Dashboard will allow savers to access details of all of their pension savings, including the State Pension and any final salary schemes, in a single online place.
Specifically, ITM has been tasked with providing the additional connections some pension firms will need to share data with Dashboard and overcoming the challenges of finding everyone’s pension in every system.
The Dashboard is due to be ready for testing by the end of March 2017 with the final infrastructure expected to launch to the public in 2019.
Guy Ridley, Director of ITM, said: “From a field of 60 firms who expressed an interest in taking part in the project, we’re thrilled to have been chosen as one of the six firms tasked with building the Pension Dashboards prototype. It’s a fantastic initiative that will, in time, deliver real consumer benefits. Allowing everyone to see all their pension pots in one place will help them better plan for retirement. To make this happen the pensions industry must work together to agree processes and implement data sharing standards.
“As a leading Integration Service Provider one of the challenges assigned to us is to provide the additional connections some pension firms will need to share data with the dashboards. The other stream of ITM's involvement is to help pension providers integrate their information with Pension Dashboard services.
“We believe, by assisting this phase of the work, ITM will add significant value when looking at designs and practical application of the prototype solutions and how this will influence the potential longer term solutions that will be implemented in the later phases of the project. ITM is also excellently placed to help pension schemes of all shapes and sizes make their information available economically.”
Ian McKenna, Finance & Technology Research Centre’s Director, added: “Helping people easily understand the amount of savings they have for retirement will encourage them to plan better and appreciate the importance of further savings. For too long it has been difficult, if not impossible, for consumers to see all of their retirement saving information in one place. The Pension Dashboards project will transform consumer access to such information. Building the prototypes is a crucial stage to prove how this can be delivered.
“The inclusion of two software suppliers who are actively engaged in the defined benefit community amongst the delivery partners should also make it easier for such schemes to support dashboard services economically.”