Author: Clare Stone
Today’s pensions landscape has changed significantly due to evolving pensions & social policy, more frequent job changes, and increased life expectancy. Retirement planning has also become more complex due to changes in pension scheme design and individuals accumulating pots from multiple employers. These pots will often be spread across many different pension providers. This is the reason the government is introducing a pensions dashboard for individuals to be able to see all their pensions in one place. With any kind of initiative of this magnitude, a huge amount of work needs to happen behind the scenes.
Pension providers need to be able to connect to the central pensions dashboard and feed it with the required data items for each individual who holds a pension managed by them. Some of the items to be presented on the dashboard are new calculations for pension providers, whilst some may be items already calculated and provided to policyholders on an annual basis.
What’s the Solution?
Pension providers need to be aware of their current pensions ecosystem with regards to the items that are calculated and held within policy administration systems and calculations performed externally using financial models.
Where there are gaps a decision needs to be made around how these calculations will be carried out and what software will be used for the calculations.
There also needs to be consideration given around the storage of the calculation results and required data items as well as the subsequent passing of these through to the Pensions Dashboard Portal.
Our latest paper presents a Mo.net powered solution that offers a streamlined approach for pension providers to align with the dashboard’s requirements.
Download the paper here
Should you require assistance in becoming “dashboard-ready” or wish to discuss our solution further please get in touch.
Comments are closed.