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

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Pensions dashboard: Will it be a game-changer? Peter Elliott DC Propositions Manager Legal & General 20 November 2018

The pensions dashboard story so far… • 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

Our challenge today… • Silver bullet: a simple but seemingly magical solution for a complex problem. • So if the pensions dashboard is the answer, what was the question?

One of these? Or all of them? • 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?

Our speakers today… Matt Burrell ABI Clare Reilly PensionBee Gregg McClymont The People’s Pension

Kindly hosted by: Matthew Burrell ABI #FSFEvents @TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business The Financial Services Forum C ORPORATE P ARTNERS :

Association of British Insurers Association of British Insurers The Pensions Dashboard How we got here abi.org.uk @British Insurers

Association of British Insurers What do these people have in common? 10

Association of British Insurers Brief History • 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… 11

Association of British Insurers Announcement In the Budget “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” 12

Association of British Insurers Cross Industry Consensus • 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 13

Association of British Insurers Key Policy Recommendations • 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 open 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. 14

Kindly hosted by: Clare Reilly PensionsBee #FSFEvents @TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business The Financial Services Forum C ORPORATE P ARTNERS :

Kindly hosted by: Gregg McClymont B&CE provider of The People’s Pension #FSFEvents @TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business The Financial Services Forum C ORPORATE P ARTNERS :

Kindly hosted by: Pensions Dashboard: Will it be a Game-Changer? 20 November 2018 #FSFEvents @TheFSForum - @SR_- @peoplespension - @BritishInsurers - @pensionbee - @landg_business The Financial Services Forum C ORPORATE P ARTNERS :

Forthcoming The Financial Services Forum Events • 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/ C ORPORATE P ARTNERS :