Overcoming the barriers to making the Pensions Dashboard a success
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1 Overcoming the barriers to making the Pensions Dashboard a success systemsync solutions ltd October 2016!1
2 Overcoming the barriers to making the Pensions Dashboard a success Introduction The significant improvements that Britain has achieved in life expectancy and health amongst our older population is cause for celebration. The fact that people are living longer, more active lives in retirement is a great triumph and achievement for our nation. Older people can also benefit society in a number of ways but it is important to recognise that challenge that this demographic changes places on society. As we embrace this new phenomenon, we should prepare for it in equal measure. This is because being fit and healthy in retirement means very little unless people are financially resilient. Our ageing society Our population is changing in a unique way. Between 2015 and 2020, over a period when the general population is expected to rise 3%, the numbers aged over 65 are expected to increase by 12% (1.1 million); the numbers aged over 85 by 18% (300,000); and the number of centenarians by 40% (7,000) 1. The profile of the population change we are experiencing is set out below: Under to Pensionable age Pensionable age + Over ONS, 2012-based principal projections systemsync solutions ltd October 2016!2
3 These changes in population demographics are radically altering the so called old age dependency ratio which refers to the older age people per 100 in the population. In essence, it is a measure of the number of working people in the population who have to support retired people who are not working. As a result of the number of people who are retired substantially increasing and fewer people working, it becomes even more important to ensure that people have sufficient income in retirement to rely upon as the table below 2 shows : Table showing dependency ratio across selected developed countries COUNTRY UK US Canada Australia Problems with income in retirement The emerging trend over recent decades has been the growth in the ageing population and a decline in the number of workers to support them. This looks forecast to continue only with the added complication that future generations of workers have less generous pensions to retire on. Pension provider, Royal London, have estimated that the average 35-year-old needs to save 660,000 in a pension if they are to enjoy a similar standard of living to today s pensioners. Unfortunately, the median amount saved into a pension amongst younger people is worryingly low 3: For those under 30 with a pension, the average amount saved was 6,000. For those over 30 with a pension, the average amount saved was 14,000. Over 2/5 of those aged and 4/10 of those aged 30 and over only contribute 1-5% of their salary into a pension. 2 3 OECD, Pensions at a glance 2015, p159, link Royal London, Pensions through Ages, 2050 and beyond, 2015, link systemsync solutions ltd October 2016!3
4 How to solve the problems The pension challenges facing the United Kingdom are actually an area where there is a welcome, and surprising amount of political consensus. Recent Government initiatives such as the introduction of automatic-enrolment and the new single-tier state pension that were introduced by the Coalition have been endorsed by all political parties. However, while these measures are welcome, they are not sufficient in their own right to address the longterm challenges facing pensions in Britain. A critical Financial Conduct Authority market study found that there was a serious problem 4 with competition and transparency in the UK pension market. The key issues for the FCA were that: Consumers were missing out on a higher income by not shopping around for different pensions products. Consumers were found to be deterred from engaging with their options by the length and complexity of provider information, or because they felt the sums involved were not worthwhile for the effort involved. Consumers tended buy annuity and other pension products from their existing provider which we undermined competitive disciplines, made incumbents complacent and made the situation hard for challenger firms to build a critical mass of consumers. The regulator also found clear examples of market and product innovation that consumers wanted to see. This includes new tools and business models to support consumer decision-making and more flexible products. Announcing the dashboard. While the FCA market study has generated plenty of discussion for the pension industry and prompted a range of reforms, one of the primary recommendations was to create a pensions dashboard that would enable people to see all their lifetime savings (including their state pension) in one place. The FCA report stated that this would: This would allow consumers with several pension pots to have a clear understanding of their accumulated pension wealth, and is likely to benefit increasing numbers of people in the future with the introduction of automatic enrolment. 4 FCA, Market Study, March 2015, link systemsync solutions ltd October 2016!4
5 Consumers with a better understanding of their accumulated pension wealth should make better informed decisions when taking their benefits 5 The concept of a pensions dashboard was fully endorsed by Government and included in Budget 2016 by the then Chancellor of the Exchequer, George Osborne MP. The Chancellor set in place an ambitious timetable to have industry design, fund and launch a pensions dashboard by A dashboard will address two principal problems because not only will it help people keep track of their pension pots (an average person will now move jobs 11 times throughout their life, meaning they could have 11 or more pension pots), it will also mean people can view their savings in one place and make a decision about their lifetime savings 6. However, it is vitally important that we safeguard the true value of a pensions dashboard and ensure that the project is a success. We know its value; it is now necessary to make the dashboard a reality. Two key challenges currently confront the pensions dashboard. 1. Participation of providers. An enormous impediment to the success of the dashboard will be a failure to capture all pension providers. The dashboard relies on universality, if pensions pots are not universally accessible then it only offers a severely curtailed benefit to consumers. 2. As a result of the Government s decision to ask industry to design the dashboard (and pay for it) there is a genuine risk that when decisions are left to companies with competing preferences, a stalemate can arise. There is potential for a major divergence between different trade groups and different providers providing different types of product. To this end, we believe that the Government and industry need to address the following issues and take action in these 4 key areas: 1. Full participation. For the pension dashboard initiative to work, it requires all pension providers to open up data. Compliance should be mandatory and enforced by legislation if industry is unwilling to take this step voluntarily. 5 6 Ibid HMT, Budget 2016, S. 114, March 2016 systemsync solutions ltd October 2016!5
6 2. Establish strong well balanced Governance to counter industry reluctance. There are powerful financial companies with vested interested involved. It is important to have a strong leadership and governance which places the empowerment of the consumer as its first priority. The Dashboard initiative can be leveraged to deliver a clearer, or more transparent, view of financial charges on all pension products. 3. Governance should create the conditions for product innovation by encouraging competition at every level. The governance and technical framework should be designed to enable multiple organisations to build dashboards from the outset. Open data standards should be created to enable low cost interoperability. Pension Providers should be encouraged to build APIs (which are the latest and most secure technical method of bring pension data to software applications used by citizens). Data aggregators should be permitted to develop value added services such as integration hubs that easily open up the market to multiple Dashboard builders. In this way the UK can leap-frog the other nations which already have single state funded dashboards and create a FinTech enabled eco-system of new products to engage the millions of digitally enabled citizens who now have a pension (thanks to auto-enrolment). 4. Government should set a guillotine at which point the industry must converge on proposals or else face legislation/regulation that will take action on the issues above. Without this, we could well see further delays to the establishment of the dashboard that will only exacerbate the very problems we need to eliminate. An example of this guillotine approach was the establishment of the Financial Reporting Council and the establishment of the Stewardship Code which were designed to promote better communication with shareholders on issues of investment and risk management. The Government was forced to step in and act as a result of industry intransigence. Conclusion If the above framework is adopted, then Government can ensure that the pensions dashboard will be delivered on time and will include the necessary functionality to achieve a step-change in how people view and manage their pension funds. The pensions challenge remains a complicated and difficult public policy question but automatic enrolment and a functioning pensions dashboard will create a firm foundation for genuine change. systemsync solutions ltd October 2016!6
7 About pensionsync pensionsync is a specialist data integration platform that connects payroll to pension providers to help lower the administrative burden of automatic enrolment. pensionsync operates an open API, based on an open data standard, and is digitally integrated into Legal & General, Aviva, NEST, The People s Pension, NOW: Pensions & Smart Pension. pensionsync is a owned and operated by systemsync solutions Ltd. We were formed in 2015 by the founders of a highly experienced and fast moving software development consultancy based in London. Our engineering team has been building mobile apps, enterprise apps, software products and APIs for our customers for over 10 years. We have been applying our knowledge of technology to positively impact the Pensions and Payroll industry since Autumn systemsync solutions ltd October 2016!7
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