"The practicalities of making this happen are, however, very complex and involve securely retrieving and presenting a large amount of personal and financial information"
The project is being managed by the ABI on behalf of HM Treasury, with the prototype due to be ready for testing in March next year.
Over 60 firms expressed an interest in taking part on a pro bono basis with Runpath, Experian, Origo, Safran, ITM, and Aquila Heywood chosen to manage five different areas of the project.
These include the user interface, the retrival of information on people’s different pension pots, identity verification, integrating pension firms to allow data sharing, and data quality analysis to ensure all pensions can be located.
The final Pensions Dashboard infrastructure is due to be ready for public use in 2019.
Yvonne Braun, the ABI’s Director of Long-term Savings and Protection Policy, said: “The concept behind the Pensions Dashboard is brilliantly simple – savers should be able to see at a glance what money they are likely to have in their retirement, based on all the pensions they’ve gathered during their working lives. The practicalities of making this happen are, however, very complex and involve securely retrieving and presenting a large amount of personal and financial information for every person of working age in the country.
“The pensions industry - in all its forms - is committed to delivering the Pensions Dashboard, which has the potential to revolutionise how people think about saving for later life. It’s great to see how many technology firms share our vision of accessible pension information as the project goes from strength to strength.”
Simon Kirby, Economic Secretary to the Treasury, added: “I am delighted to see the pensions industry and the FinTech sector collaborating to make the Pensions Dashboard a reality. We are making great progress in ensuring people will have all the information they need in one place so they can plan more easily for their future. This is a very positive development for consumers and I look forward to seeing a working prototype by March 2017.”
