The Association of British Insurers (ABI) has set out its intention to take forward the next phase to deliver Pensions Dashboard, including potentially creating a prototype.
The Pensions Dashboard is designed to give customers a complete overview of their pension savings.It aims to help savers locate lost pension pots, inform their decisions on retirement planning and support the development of automated financial advice.
ABI noted that the next phase of the Pensions Dashboard project should involve finalizing the governance framework between industry, government and regulators; developing a prototype to test the technology; and see how the Pension Dashboard could work for customers. It should also include collaboration with the wider industry and interested FinTech start-ups.
ABI policy, long term savings and protection director Yvonne Braun, said: "The Pensions Finder project has laid the foundation for delivering this crucial project and its momentum must continue.
"As a project that is expected to be industry-led and funded, we believe the ABI is best placed to take forward the next phase to deliver the Pensions Dashboard.
"The ABI has an unparalleled record of delivering complex, industry-led projects in partnership with Government, such as FloodRe to ensure affordable flood insurance for households at high risk, and MedCo, to protect customers against unscrupulous claims management companies. The Pensions Dashboard should be next on the list.
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"We know we cannot do this alone. We want to work with Government and the wider industry so the Dashboard can help customers with public sector pensions and those in trust based schemes."