A collaborative group aimed at helping the industry adapt to technological change has been established by the Transparency Task Force (TTF) founding chairman, (pictured above) Andy Agathangelou.
The Technology Task Force will look at innovations including blockchain, robo-advice and big data. It will do this through meetings, sharing of opportunities, exploring barriers to progress and crafting the common objectives that members want to achieve.
Agathangelou said: "If the market is the cart then technology and transparency are the two horses pulling it along. In the construction industry costs were reduced by 20% by efficiency through standardisation.
"With returns on investments being so low, automatic-enrolment (AE) will fail unless costs are driven down by technology. For this to happen it requires agreement."
The Technology Task Force and TTF groups will feature a degree of crossover as some members and companies they represent work in both areas.
Some of the members of the Technology Task Force include Cognitive Finance Group founding partner Clara Durodié, SystemSync Solutions chief executive Will Lovegrove and LV head of policy Philip Brown.
Pension Administration Standards Association chairwoman Margaret Snowden, who is also TTF member, said: "Pensions, and especially administration, should be on the front foot of technology and not the back foot. Digital solutions can help consumers and providers make engagement with savings easier, simpler and more trustworthy. We need to ensure that pensions in this country are sustainable, and technology will help us do this."
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