The cross-industry group, led by the Association of British Insurers, has delivered the pensions dashboard to government ministers today, 31 March 2017.

The ABI, on behalf of the Treasury, has successfully managed around 80 people from 17 pension firms and six technology companies, as well as government regulators and industry experts to create the dashboard prototype.

The technology is aimed at allowing people to access all of their pension savings from different schemes and providers along with their state pension in one place of their choosing.

The government expects the service to be launched by 2019 and for it to be offered by a number of different providers.

The companies that contributed to the prototype project include: Abbey Life, Aon, Aviva, Fidelity International, HSBC, Legal & General, Lloyds Banking Group (Scottish Widows), LV=, NEST, NOW: Pensions, Phoenix, Prudential, Royal London, Standard Life, The People’s Pension, Willis Towers Watson, Zurich.

In addition, firms providing technological resources in the prototype’s development were Aquila Heywood, Experian, ITM, Origo, Runpath and Safran.

The Department for Work and Pensions also provided resources to enable the state pension to be incorporated in dashboards in the future.

ABI director of long-term savings and protection policy Yvonne Braun, said: “It sounds obvious that in 2017 everyone should have easy online access to all their pension information in one single place of their choice – yet the practicalities of making that happen are very complex. The prototype demonstrates once and for all that the technological hurdles can be overcome.

“Giving people access to clear information about all their pensions has the potential to revolutionise how they think about saving for their retirement. Now we must ensure industry, Government and regulators continue this close collaboration so the excellent work done so far can be developed into a valuable service the public can use by the Government’s target of 2019.”

Minister for Pensions, Richard Harrington, said: “This project has enormous potential to help people keep track of their pension and make the most of their hard earned savings, and I believe will be a transformational tool in providing the necessary information to people throughout their working lives to plan their retirement”.

Economic secretary to the Treasury, Simon Kirby added: “I’m delighted with the prototype system the industry has created. Harnessing the power of technology to give people easier access to their information will help them be more informed when planning their retirement – one of the most important financial decisions in a person’s life.I look forward to unveiling the prototype to the public for the first time at Britain’s FinTech week on 12th April.”‎

As part of FinTech Week, HM Treasury is hosting a TechSprint event on 12 and 13 April with ABI and Aviva. Pension experts and developers from over 20 leading technology firms will compete over 24 hours to develop and present examples of the potential applications the prototype dashboard system can provide consumers.

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