The majority of the pensions industry (71 per cent) are in favour of multiple pension dashboards, rather than a single dashboard, according to research by the Tax Incentivised Savings Association (TISA).
The survey of 28 firms from across the pensions industry also found that 96 per cent believe provision of data would need to be mandatory to ensure full coverage, and information made available from providers would need to be standardised. Eighty-five per cent believe that the dashboard would need to use a set of open digital standards (for example user verification and user data agreement) to make sure it’s secure.
The survey, which covers pension administrators, pension providers, fintech firms, fund managers, bank/building societies and law firms, also found that 71 per cent would choose an ‘open standard model’ for the dashboard. This would allow pension providers, platforms, distributors and fintech service providers the opportunity to offer their own dashboard options to their customers, providing it conforms to the pre-agreed set of principles industry has set and governs.
Commenting, TISA strategic policy director Charles McCready said: “We would strongly support adopting this model as it would encourage more innovation and competition, create improved consumer experiences and outcomes for those using the dashboard and drive engagement. Crucially, it would also enable the development of an investment dashboard allowing consumers to bring ISAs and other savings into view giving them a holistic picture of their financial position.”
A second option put to members was the ‘single provider, single access point model’. However, only 6 per cent of respondents supported this and it would only be available via the single financial guidance body. The third option, which had 23 per cent support, was the ‘single provider, multiple access point model’. This would be accessible via individual providers; however, they would not be able to tailor or personalise the dashboard in any way.
On the issue of security, 85 per cent of respondents said the new dashboard would need to have strong security and identity restrictions in place. The respondents also agreed there would be benefit in having a single security system used across the single financial guidance body/DWP, the pensions industry and dashboard providers.
Nearly all participants (96 per cent) agreed there would need to be mandatory involvement for all pension providers to make the dashboard a success.
On the survey results, McCready added: “These latest results demonstrate our industry’s willingness to work together to create a solution that will help the public plan for a successful retirement. However, whilst it’s great to see that the industry is broadly on the same page, there’s still work to be done. It’s vital that the dashboard is future-proofed to make sure that it keeps up with evolving technology and we need to make sure that we’re keeping consumers details safe without making the platform too difficult to access.”