Romi Savova says consumers are kept waiting for too long for a “big bang” approach, and therefore the pension finder service must be delivered swiftly and incrementally to foster innovation.
The Money and Pensions Service has launched the Pensions Dashboards IDG Steering Group to further drive a shake-up of the pensions market.
The Steering Group has been formed to work on the practicalities of establishing pensions dashboards services and making them available for use by the general public.
Other members include Andrew Lowe, Change and Data Solutions Director at the Institute and Faculty of Actuaries (IFoA) and Equiniti; Dominic Lindley, Independent; Francis Goss, Chief Commercial Officer at the AHC; Kim Gubler, Chair at PASA; Nigel Peaple, Director of Policy and Research at PLSA; Paddy Greene, Head of Money and Consumer Rights Policy at Which?; Samantha Seaton, CEO of Moneyhub; Will Lovegrove, Independent; and Yvonne Braun, Director of Policy, Long Term Savings and Protection at the ABI.
Savova said: “I’m delighted to be joining the Pensions Dashboards IDG Steering Group to ensure that consumers have a louder voice in the creation of pensions dashboards. Collectively we bring years of experience and expertise to the table, and are committed to doing all that we can to ensure the project is delivered successfully for the benefit of consumers.“
“It is my belief that to achieve the full vision of pension dashboards two concurrent movements must occur: the creation of the Money and Pension Service’s “pension finder service”, which will effectively replace the government’s current pension finder service by providing more accurate and timely information to consumers; and the furthering of the UK’s world-leading Open Finance system, which will extend Open Banking-like protocols to pensions, enabling consumers to share their data with trusted third-parties. “