Commenting on the Government’s commitment to the Pension Dashboard in today’s Budget, Scott Finnie, Product Architect, Hymans Robertson, says:

“We would strongly urge the government to direct its energy and finances towards establishing the data standards necessary for the Dashboard concept to flourish.  By doing so, it will facilitate innovation in the consumer applications available.  It will allow established providers and new entrants alike to deliver a range of intuitive dashboards and tools to engage consumers in their pension provision.  Those innovative applications are the visible face of the Dashboard; the data standards are the foundation.   By focusing on the data standards, the government will equip and encourage industry to deliver better retirement outcomes for UK consumers.

“We are very supportive of the Pensions Dashboard announcement in today’s budget and welcome the financial commitment of £5m. Open Banking shows that industry led, government-supported initiatives do lead to innovation that benefits consumers, so this support will be fundamental to its success.”