The ABI says the number of firms contributing to the Pensions Dashboard project has increased by over 50% to encompass all parts of the pensions industry. Among the new firms taking part are Fidelity, Legal & General and Scottish Widows.
The ABI is managing the creation of a prototype dashboard on behalf of the Treasury and in addition to the 11 companies named at the launch in September, a further six have now signed up to the project.
The full list includes new companies set up in response to auto-enrolment, existing providers, large Master Trusts, pension administrators managing defined benefit and defined contribution pension schemes, and providers closed to new business.
The list of contributing firms so far is Abbey Life (new), Aon, Aviva, Fidelity International (new), HSBC, Legal & General (new), Lloyds Banking Group (Scottish Widows) (new), LV=, NEST, NOW: Pensions, Phoenix (new), Prudential (new), Royal London, Standard Life, The People’s Pension (B&CE), Willis Towers Watson
and Zurich.
The Department for Work and Pensions is also actively involved to ensure the State Pension is taken into account, says the ABI.
The prototype dashboard is due to be ready for demonstration in the spring. The goal, due to be delivered in 2019, is a facility which will enable savers to see all their pension entitlements together online, to give them a clear sense of what income they can expect to have in retirement.
Yvonne Braun, the ABI’s director of Long-term Savings and Protection Policy, said: “The range of firms involved at this early stage shows the strong commitment across the entire industry and how pensions firms are embracing technological innovation to benefit their customers. There’s a lot to be done before next spring but work on this exciting project is progressing well.”
Economic Secretary to the Treasury, Simon Kirby said: "We want people to have the information they need to plan for their futures effectively. That is why I am delighted that the pensions industry is working alongside the FinTech sector to deliver a prototype Pensions Dashboard by the spring. This is a crucial milestone ahead of rolling out a final version that will allow consumers to see all their pension savings in one place at the touch of a button by 2019.”
Pensions Minister, Richard Harrington said: “By bringing together details of private and state pensions in one place, planning and saving for retirement will be much easier in future.”
The Pensions Dashboard will be among topics discussed at the ABI’s Annual Conference on 22 November.