1. Prototype and beyond Rob Yuille, ABI Kathy Cruse, Willis Towers Watson November 2017

2. Background – Policy drivers and consumer needs
Budget 2016:
“Government will ensure industry designs, funds and launches a pensions dashboard by 2019”
Auto-enrolment: millions of new pension savers
Freedom and Choice: consumer expectation of control
Recommendation in Financial Advice Market Review
Remedy in FCA Retirement Income Market Study
11 pension pots during an average career (DWP)
Very time-consuming to obtain pensions overview
£400+ million in unclaimed pension savings (DWP)
£400+ million dormant assets (Dormant Assets Commission)
Increasing longevity but decline of DB pensions in private sector makes better awareness of retirement preparation key
Consumer expectations rising given on-line experiences elsewhere
Policy drivers reflect consumer needs – several policy objectives benefit from Pensions Dashboards

3. Pensions landscape: The size of the challenge
Insurers
30+ firms
SIPP/personal pension
130+ firms
Third-party administrator
25+ firms
Master trusts
70+ trusts
Public sector DB
in-house
220+ schemes
Private sector DB in-house
8,600+ schemes
35 million pension
pots
4 million pension
pots
18 million pension
pots
7 million pension
pots
11 million pension
pots
6 million pension pots
Sources: ABI, TPR, HMT and FCA data 2016
Complex landscape of (conservative estimate) 80 million pots – but around 100 parties administer 80% of pots - all would need to share data at members’ request so they can find their pensions

4. Where we are now, and how we got here
OIX pension finder alpha
Dashboard prototype project
Dashboard interim project
Feasibility study
Led by Money Advice Service
Industry-led, reporting to HMT
Industry-led
DWP
Jan 2016 – May 2016
Sept 2016 – May 2017
May 2017 – Sept 2017
Oct 2017 – Apr 2018

5. Agile collaboration in three phases
Coalition of 17 pension firms
Resources secured for project
Project scope agreed
Data standards for prototype
Architecture for prototype
Identity standards for prototype
User (Customer) stories for prototype
80 FinTechs invited to bid ‘pro bono’
6 FinTechs chosen from 21 bidders
17 pension firms agree test dataset
Basic consumer research conducted
DWP agree test dataset
3 pension firms develop new systems
6 FinTechs invest £1m in prototypes
Two parallel prototypes developed
‘Plumbing’ shown to deliver results
Demonstration to Government
Challenge Panels showcasing prototype and proposals for the future with stakeholders
Tech Sprint bringing together FinTechs to explore innovative ideas for the future post-2019
Lessons learned and next steps
Discovery:
Sep to Dec 2016
Development:
Jan to Mar 2017
Demonstration:
Mar to May 2017
Industry and FinTech have come together to deliver the prototype project proving the technology

6. An “Open Pensions” network
Dashboards
Dashboards
Dashboards
IDP(s)
IDP(s)
Pensions Finder Service(s)
Integrated Service Providers (ISPs)
State Pension
Pension Provider (or Admin) Direct Connect
Pension Provider (or Admin) Indirect Connect
Pension Schemes
Pension Schemes
Consumers choose a dashboard. Solution needs Pension Finder Service(s), DWP, Identity Providers and firms connecting directly or using 3rd parties (ISPs)

7. Demonstration of Prototype
See Pensions Dashboard Prototype demonstration video

8. There could be many ‘Dashboards’ April ‘Tech Sprint’ showed several

9. Industry-led interim project to continue momentum
Consumer research
Workshop with consumer organisations
Qualitative consumer research
International research
& interviews
Industry research
Interviews with stakeholders across the industry
Workshop with industry associations

10. Industry-led interim project to continue momentum
Data standards
Engaging industry and regulators on guidelines
Review of data quality
Requirements
Identifying minimum
viable product
Digital identity

11. Recommendations to enable pensions dashboards
Ensure data is comprehensive
Legislate to compel schemes to share data at customer’s request
Include State Pension data
Enable a network of trust
Endorse a non-commercial service
Enable “Open Pensions” data sharing via third parties
Regulate third party services showing customers data
Make it happen
Set an implementation and funding plan, timetable and communications
Establish an implementation entity and governance body
Ensure it works
Endorse common data standards
Back a “pension finder” infrastructure linking schemes to dashboards
Agree an identity assurance scheme

12. Minimum Viable Product – Data StandardsID
Provider details
NINo
Forename, Surname
Date of Birth
Address, Country, Postcode
Provider name,
Scheme name & address
Scheme phone no. & opening times
Scheme web page
Scheme
Pension Details
DC Valuation
Contributions
Pension Type
Employer name, start/end
Scheme name & number
Membership start dates
Date of last payment
Selected retirement date
Future payment expected
Annualised contribution
Type of contribution
DC Valuation Date
Current Value
Transfer value
Special Terms Indicator
Special Terms Text
DB Valuation
Valuation Basis
Anticipated Income
Additional Accrued Lump Sum
Valuation Date
Special Terms Indicator
Special Terms Text
AVCs
AVC Indicator
AVC Provider

13. Thank you