Pensions Dashboard: Will it be a Game-Changer? 20 November 2018 - - PowerPoint PPT Presentation

Pensions Dashboard: Will it be a Game-Changer?

20 November 2018

CORPORATE PARTNERS: The Financial Services Forum

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@TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business

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Peter Elliott

Legal & General

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@TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business

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Pensions dashboard: Will it be a game-changer?

Peter Elliott DC Propositions Manager Legal & General 20 November 2018

• Announced in 2016 budget
• Run by the ABI on behalf of the Treasury and DWP
• Delivery date 2019
• Supported by 20 pension providers and 6 fintechs
• Built and proven to work

The pensions dashboard story so far…

• Silver bullet: a simple but

seemingly magical solution for a complex problem.

• So if the pensions

dashboard is the answer, what was the question?

Our challenge today…

• Why is there £20bn in unclaimed DC pensions

representing an average of £13,000 for 1.6m people?

• Why, at L&G, have only 22% of members registered

for online pension services and why are less than 1% regular visitors?

• Why, at one major client, did over 96% of members

not open their online pension statement?

One of these? Or all of them?

Matt Burrell ABI Clare Reilly PensionBee Gregg McClymont The People’s Pension

Our speakers today…

Matthew Burrell

ABI

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@TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business

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Association of British Insurers

abi.org.uk @British Insurers

Association of British Insurers

The Pensions Dashboard

How we got here

Association of British Insurers

What do these people have in common?

10

Association of British Insurers

Brief History

11

• March 2016 - Recommended by the Financial Advice Market Review.

Made government policy in Budget.

• September 2016 - HMT governed prototype begins.
• March 2017 – HMT commissioned prototype successfully tested and

demonstrated.

• October 2017 - Cross industry insight report ‘Reconnecting People

with Their Pensions’ published.

• October 2017 – DWP Feasibility study commissioned with the aim of

reporting to parliament in March 2018…

Association of British Insurers

Announcement In the Budget

12

“The government is taking steps to support the launch of Pensions Dashboards, innovative tools that will for the first time allow an individual to see their pension pots, including their State Pension, in one place.” The Budget confirms that the DWP will consult later this year on the detailed design for Pensions Dashboards, and on how an industry-led”

Association of British Insurers

Cross Industry Consensus

13

• Industry project brought together 16 Providers including;
• Insurers
• Master Trusts
• Single Employer Schemes
• Both ABI and PLSA agreed with the final recommendations
• Consumer advocates Which? also endorse the creation of a pensions

dashboard.

• Endorsed by both Government and Opposition
• This level of agreement is incredibly rare

Association of British Insurers

Key Policy Recommendations

14

• Schemes and Providers should be compelled to by allow consumers

to share their data in a defined format.

• An impartial “Implementation Entity” should be charged with

commissioning the infrastructure.

• A strong regulatory regime is required to protect consumers similar to
• pen banking.
• A non-commercial dashboard should be available.
• Consumers have a right to data portability and this project extends

that right to the pensions sphere.

Clare Reilly

PensionsBee

CORPORATE PARTNERS: The Financial Services Forum

#FSFEvents

@TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business

Kindly hosted by:

Gregg McClymont

B&CE provider of The People’s Pension

CORPORATE PARTNERS: The Financial Services Forum

#FSFEvents

@TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business

Kindly hosted by:

Pensions Dashboard: Will it be a Game-Changer?

20 November 2018

CORPORATE PARTNERS: The Financial Services Forum

#FSFEvents

@TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business

Kindly hosted by:

Forthcoming The Financial Services Forum Events

CORPORATE PARTNERS:

• Appraising Fintechs: Performance Lessons and Their Path to Sustainability – 22 November 2018
• London Mortgages Forum – 03 December 2018
• Changing Agency Models – 06 December 2018
• The CEO Challenge – 11 December 2018

For more 2018 events go to: www.thefsforum.co.uk/events/