Timeline and next steps
The Prototype Project has three distinct phases:
Discovery Phase(Sep to Dec 2016)
- Coalition of 17 pension firms
- Resources secured for project
- Project scope agreed
- Data Standards agreed
- Architecture agreed for prototype
- Identity Standards agreed for prototype
- User (Customer) stories for prototype
- 80 FinTechs invited to bid ‘pro bono’
Development Phase(Jan to March 2017)
- 6 FinTechs chosen from 21 bidders
- 17 pension firms agree test dataset
- Basic consumer research conducted
- DWP agree test dataset
- 3 pension firms develop new systems
- 6 FinTechs invest £1m in prototypes
- Two parallel prototypes developed
- ‘Plumbing’ shown to deliver results
Demonstration Phase(Mar to May 2017)
- Demonstration to Government
- Challenge Panels showcasing prototype and proposals for the future with stakeholders
- Tech Sprint bringing together FinTechs to explore innovative ideas for the future post-implementation
- Lessons learned and next steps
The Project Group and its development partners have completed the design and development of the Prototype. The Prototype is being demonstrated to stakeholders from late March 2017 onwards.
- The pension dashboard prototype has been built and it works, showing that it is possible to build the “plumbing” to connect multiple pension schemes and providers to dashboards and for people to see their pensions in one place.
- The prototype project also shows that a dashboard infrastructure can be delivered and that the industry can work with FinTech providers to make it happen.
- Coverage is key for a service that will be useful to consumers given people already have multiple jobs during their working lives and this trend is increasing.
The Pensions Dashboard Prototype Project has shown industry can come together to solve the technical aspects of the challenge – the path to delivery requires wider commitment from pension providers, government and regulators.
Making Pensions Dashboards a reality requires:
- Coverage is key. Dashboards will only be used if they are comprehensive, or near-comprehensive. They therefore need to cover the State Pension, DC pensions and DB pensions (both in the private and the public sector).
- The regulatory framework for the dashboard infrastructure needs to strike a balance between innovation and consumer choice and consumer protections – dashboards must not be a vehicle for scammers or lead generators.
- A governance body and / or implementation entity is needed to establish data standards, data security, data sharing agreements as well as a commercial model.
- Wide consultation with stakeholders is desirable to ensure the dashboard infrastructure has public legitimacy.