The first version of the pension dashboard could be in place by the end of the year as the project continues to make significant progress, the managing director of Origo has said.
Paul Pettitt said his organisation was working with major providers, such as Aegon, Scottish Widows and Standard Life, to get the first phase of the project up and running which could happen, in a limited form, by the end of 2016.
He said the ultimate deadline of 2019, set by government, will be definitely be met though it would be difficult to ensure all pension back books and closed occupational pension schemes would be included at that point.
"We want to set up a model for providing data which makes it less costly and less complex to deliver a pension dashboard. As a not-for-profit, we are very interested in making it happen.
"Origo is working with six providers to show that the dashboard can be demonstrated by the turn of the year. The 2019 deadline is definitely doable though the question is how much of the industry will be covered."
Pettitt said technology was not an issue.
"Origo was tasked by the industry to develop the engine that will sit between the dashboard and the pension providers to enable the secure, efficient and cost-effective sharing of data, including pension valuations, a critical component of the dashboard landscape if they are to be brought to life for the consumer.
"That technology is already at an advanced stage of development."
A pension dashboard is a portal which would enable savers to view all their pension pots, including state pension forecasts, in once place.
The Financial Advice Market Review recommended the project be brought into existence by the industry itself by 2019. City minister Harriet Baldwin is overseeing the project.
Pettitt said all parts of the pensions industry backed the project and were working together to ensure it comes to fruition. He said: "Good progress is being made also with a suitable governance model, which is crucial to making the pension dashboard a reality."
He added security for the consumer was also of utmost importance and a "kite mark concept" could be introduced to give confidence to both individuals and industry participants.
He explained data from providers would flow to a central hub provided by Origo which would then flow to one or more dashboard outlets. The dashboard could either be in one place, such as the Money Advice Service website, or at a variety of outlets operated by providers, for example.
"Everybody needs to know they can trust each part of the chain. Having that governance in place says these are the rules that make it work. All the participants know what they have to do and can be trusted."
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