The upcoming pensions dashboard could be used by up to 15 million consumers, Origo has calculated.

As a result of the potential high demand, Origo has advised that the infrastructure underpinning the platform must be crafted to “support significant volumes of consumers from day one”, scaled to target 15 million consumers.

Origo managing director Anthony Rafferty stated: “It is imperative that the industry is able to deliver and maintain all the underlying services and data in a way that is secure, robust and scalable to handle 15 million consumers.”

Referring to other European countries that have implemented a single dashboard, Rafferty noted that they are now experiencing “external demand for APIs to access consumer pension data from FinTechs – which is also now driving an increase in usage”.

Rafferty highlighted that regardless of whether there is one or multiple dashboards in the UK, the infrastructure must be able to cope with future technological requirements. It is likely that demand and usage of the service will grow over time as more people join workplace pensions and also look to check their state pension, he added.

Moreover, Origo noted that the “capacity” for the new Single Financial Guidance Body and financial advisers to access savers’ information on the pensions dashboard needs to be planned for.

The Pensions Minister and Department for Work and Pensions have committed to launching the pensions dashboard by the end of 2019.

It is still unclear whether the platform will be provided by multiple bodies or be launched as one government-run dashboard. Earlier this month the Work and Pensions Select Committee recommended that the government implements a single dashboard by April 2019.

“Whether the decision is to start with a single government-backed dashboard, or with multiple dashboards - it is imperative that the underlying infrastructure, the plumbing, be developed with an eye to future demand and requirements, and be maintained in a cost-effective and efficient way that consistently delivers sensitive information securely,” Rafferty concluded.

“Ensuring that we, the industry, are ready and capable to deliver what is required to ensure best outcomes for consumers.”

Origo’s analysis was based primarily on Statista UK age demographics and Pension Policy Institute analysis.

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