Commenting on the close of the dashboard consultation on data standards, Darren Philp, Director of Policy at Smart Pension, said:
“This is an important milestone in the development of pension dashboards and, once the final data standards are agreed, the project should be able to crack on and give providers and schemes certainty about what data they will need to provide. In doing this it will be helpful for the project to start setting out how the dashboard infrastructure will operate so providers and schemes can start planning how best to integrate with this infrastructure.
“We need to up the pace on the development of dashboards and we need to allow dashboard operators to innovate. While we understand the need to protect members from charlatans and scams, we do need to create a space for pension schemes to be able to innovate and help their members to save and plan for the long term. Let’s create an environment where we can help, not hinder, savers and make sure we don’t shackle dashboard providers with an overly cautious, and backward-looking, approach that’s being advocated by some in the industry.”.
Launched in 2015, Smart Pension exceeds £4bn in assets under management (AUM) and now serves over one million members and more than 70,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.
Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers are all investors in Smart Pension.