19/04/2017.

Pensions dashboard technology designed to revolutionise the way consumers keep track of their pension pots and potential retirement income received a major boost this month with the publication of data standards spelling out how pension firms should present data that connects with the dashboard prototype.

The publication of the data standards coincided with a digital showcase hosted jointly by the Association of British Insurers (ABI) and HM Treasury to focus on some of the customer services and applications which could be created for the prototype.

 The government estimates that people will have an average of 11 jobs during their working lives, which will likely mean they have 11 different pension pots, in addition to their state pension.

Currently, they would need to look at these pots separately which makes it hard to keep track of them or to work out the retirement income that they will generate.

Pension dashboards could eventually help consumers see all the pension pots belonging to them, together with information about their state pension and projected retirement income, in real time.

Banks, employers and advisory services are expected to have their own dashboards and there will also be pension dashboard apps to download to mobile phones.

The ‘Pensions Dashboard Prototype Project’ comprises businesses from across the pension industry working with government, technology companies and regulators to make pension dashboards available online from 2019. The project’s website links to sections illustrating the advantages of the technology for both consumers and the pensions industry.