Pensions Dashboard adds six companies as fintech partners

Association of British Insurers (ABI) has announced that six firms have been chosen as fintech partners on the Pensions Dashboard, creating the first prototype of an online service that will show people all their pension savings together.

ABI manages the project on behalf of HM Treasury, with the prototype due to be ready for testing in March 2017. More than 60 companies expressed interest in taking part in the project on a pro bono basis, the release said.

“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,” Simon Kirby, Economic Secretary to the Treasury, said.

The fintech companies have been assigned to five different areas of the project after a competitive and rigorous evaluation process. It includes ‘Pensions Dashboard User Interface’ involving fintech companies Runpath and Experian, ‘Pensions Finder Services’ involving Origo and Experian, ‘Identity Providers’ that has fintech firms Safran and Experian, ‘Integration Service Providers’ involving ITM and Aquila Heywood and ‘Matching / Data Quality Analysis’ that has ITM and Experian.

“The pensions industry - in all its forms - is committed to delivering the Pensions Dashboard, which has the potential to revolutionize how people think about saving for later life. It’s great to see how many fintech firms share our vision of accessible pension information as the project goes from strength to strength,” Yvonne Braun, the ABI’s Director of Long-term Savings and Protection Policy, said.

The pensions industry has committed to creating a Pensions Dashboard prototype which will be ready for testing by March 2017, with the prototype project completing in May. The goal of the final Pensions Dashboard infrastructure is to allow everyone to be able to access details of all of their pension savings, including the State Pension and any final salary schemes, in a single online place of their choice.