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Dashboard Implementation

The new Economic Secretary to the Treasury, Simon Kirby MP, recently confirmed the Government’s enthusiasm for a pensions dashboard. This is welcomed. Fully functioning, it could become the ultimate disruptor of incumbent industry providers because, by offering consumers a simple overview of all of their pensions pots, it could break the industry’s cultural attachment to opacity, thereby highlighting poor performing, high charging providers.

The minister has indicated that he would like a dashboard prototype to be ready by March 2017, and that he is keen to see the whole industry work together to set the minimum standards for how data is shared. To date, eleven industry players have indicated their participation in the project (being facilitated by the Association of British Insurers, ABI)… but many more are not participating. If the dashboard is to be successful, all providers will have to submit data to it, ideally in a standardised format. But, potentially, some have a lot to lose from so doing.

[1] Speech at the Aviva Digital Garage, 12 September 2016.

[2] The eleven are Aon, Aviva, HSBC, LV, Nest, Now: Pensions, People’s Pension, Royal London, Standard Life, Willis Towers Watson and Zurich.

The ABI Should Be Nice Retaliatory Forgiving and Clear

Michael Johnson - Friday 30th September 2016

Michael trained with JP Morgan in New York and, after 21 years in investment banking, joined Towers Watson, the actuarial consultants. Subsequently he was responsible for the running of David Cameron’s Economic Competitiveness Policy Group.