15 million potential users for Pensions Dashboard

Based on an analysis by Origo, the Pensions Dashboard could be used by up to 15 million consumers.

The dashboard launch date (end 2019) is still seen as achievable but will need to be built to support such a high demand. The results of this research should therefore help establishing the requirements.

A need for flexibility

Anthony Rafferty, Managing Director Origo, says: “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.”

Although we’re here speaking about a single dashboard, there is no question that we’ll experience a real demand for APIs to be developed in order to enable innovation from fintechs but also the creation of new services by incumbents.

Flexibility is therefore paramount from day 1 as Anthony Rafferty explained: “Through our role as the industry’s not-for-profit FinTech, we have also been advising on the impact of this large consumer base on pension provider systems. The demands on some provider systems, as requests from 15 million consumers come in and information goes out, will need to be managed effectively – all while still providing a secure and efficient online service.

Customer outcome as a key driver

In parallel with the development of the Pension Dashboard, the Single Financial Guidance Body is set to launch in order to help people with important and complex decisions when it comes to retirement. For this body and for existing financial advisers it is important that the Pension Dashboard not only meet requirements from an end customer perspective but also those of 3rdparties.

Rafferty continues: “Consumer engagement and access to advice and guidance are crucial to improved retirement planning. The additional capacity required to enable the Single Financial Guidance Body and financial advisers to access a consumer’s Pensions Dashboard needs to be planned for.

“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. “