At a recent Association of British Insurers (ABI) conference – 'Retirement interventions and innovation', in his opening speech Guy Opperman MP, Parliamentary Under Secretary of State for Pensions and Financial Inclusion, reiterated his support for Pensions Dashboard.
Nick Green, Head of Standards at Criterion, commenting said "The Pensions Dashboard initiative has the potential to have as much impact on retirement outcomes, as any initiative since automatic enrolment, and support for it from right across the industry is perhaps unprecedented. Quickly establishing a live, working Dashboard capability will be important in maintaining and building that momentum. The DWP Feasibility Report that will set out the framework for doing so must also consider the longer term appetite from savers and retirees for this information. Open Banking is demonstrating what can be achieved when citizens allow different service providers to access their data. Pensions savers will undoubtedly benefit from a similar approach over the long term. Flexibility to support the eventual delivery of those benefits must not be 'designed out' of the Feasibility Report now."
Criterion developed the integration standards that allowed the components of the Pensions Dashboard prototype to interact seamlessly.
Criterion has a track record stretching back to 1989, and today work with more than 400 firms across investments, pensions, savings and insurance, as well as stakeholders from regulators and trade associations.
Criterion was formed for the industry in July 2017, as an independent, not-for-profit industry body for Standards and Governance. It was originally part of Origo Services Ltd and has been publishing standards for almost 25 years. 2018 will see Criterion continue to drive collaboration across the industry with the energies and focus prioritised across a number of industry-wide activities, including pensions dashboard, distributed ledger technologies and improved pensions transfer and re-registrations.