Our CEO, Romi, outlines the PensionBee position on pension dashboards, ahead of joining The Pensions Dashboard Industry Delivery Group.
The latest news and opinion on the Pensions Dashboard from the PensionBee team.
What are pension dashboards?
"Pensions dashboards will enable people to access their pension information in a single place online, in a clear and simple form, whether that is on a laptop or tablet. Putting individuals in control of their data, pensions dashboards will bring together all pensions information from multiple sources, which can then be accessed at a time of their choosing."
The government intends to introduce legislation in 2019 to compel pension providers to share pension information so that consumers can be reunited with their old and lost pension pots. In reality, pension dashboards will take many years to fully deliver. PensionBee estimates complete data, including all pensions, will be available in 2025.
PensionBee's role in pension dashboards
As the UK's leading online pension provider, PensionBee uses technology to help customers find and combine their pensions into one new online plan. As such, PensionBee brings years of experience in helping consumers extract information from their old pension providers, consolidating old pension pots (some of which have been lost or forgotten about), and engaging consumers digitally.
In 2018 PensionBee became the first pension provider to utilise Open Banking, enabling customers to see their live pension balance alongside their current account balance in some of the UK's most popular money management apps. In 2019 PensionBee became the first pension provider to adopt Simpler Annual Statements, providing customers with a short and clear overview of their pension.
In 2019, our CEO Romi joined the Financial Conduct Authority's working group on Open Pensions and Investments, advocating for safe and efficient protocols for consumers to share their data with trusted third parties.
Romi currently sits on the Money and Pensions Service's Pensions Dashboards Industry Delivery Steering Group. The Steering Group has been set up to help deliver pension dashboards to millions of consumers effectively and safely. Romi will use her experience from PensionBee to represent the consumer opinions she has gleaned from our customers as well as those of the wider pensions technology industry.
If you'd like to share your views on the government's Pensions Dashboard, please email firstname.lastname@example.org.
Our articles on pension dashboards
In the final of our three blogs, Clare explains why the proposed governance structure will fall short on delivering government’s objectives.
In this post, Jonathan takes a look at the proposed technical architecture for the Pensions Dashboard practice and recommends a best approach.
Last week saw the long-awaited dashboard feasibility study finally being published by the Department of Work and Pensions. This is a huge step forward.
Our CEO tells us what she we would do if she were in the DWP's shoes...
Is the pensions dashboard becoming less and less necessary?
Our opinions in the press
PensionBee comments on news that pension schemes are being warned to start preparing data for the pensions dashboard now.
PensionBee comments on why compulsion, data cleansing and careful planning are crucial if the Pensions Dashboard is to be a success.
PensionBee comments on what the pensions industry can learn from the success of Open Banking to help savers get to grips with their finances.
PensionBee reacts to news that the Work and Pensions Secretary backs the industry to deliver the long-awaited Pensions Dashboard.
PensionBee discusses the challenge of bringing together all pensions, and why this could be a reason for slow progress on the Pensions Dashboard.