11 Apr 2017
Auto enrolment provider Smart Pension has been invited to share tech insights into the future of the Pension Dashboard at the Association of British Insurers (ABI) tomorrow/Wednesday April 12.
Will Wynne, co-founder and MD of the two-year-old fast-growth fintech workplace pension provider, was the driving force behind Smart Pension's powerful digital platform which is now enrolling 1,000 new employees every working day.
Wynne suggests the tech element of the Pensions Dashboard, which unveiled its cross-industry phase one prototype this week, could eventually spark a dramatic boom in innovation in the pensions space.
"The really exciting thing about the dashboard is its potential to accelerate innovation in an industry that has seen little dynamism for decades.
"The finished product will offer the ability for providers to incorporate regulated and accurate SMPI calculations, for example, based on real-time values which will lead to greater transparency around fees and comparative costs. This will massively add benefit to the consumer, removing a lot of the painful edges that currently exist in the consumer's relationship with their pension provider – or indeed providers.
"There is also obviously the potential for members to want to consolidate their pension pots once they have seen their pension report - and in turn this could lead to innovation around plugging in adjacent players to offer regulated services such as advice and planning.
"When we built Smart Pension, we were considered innovators because we made sure employers could sign up their entire workforce via their smart phone or tablet in under half an hour. In just under two years we've gone from zero to 200,000 members and we can deliver value and affordability because we built and own our own APIs.
"My view is that the dashboard tech itself is actually fairly straightforward. The more complicated element is the level of political intervention around competition and regulation to protect consumers and their data and ensure they get the right advice as the technology opens up new possibilities. The theoretical prototype has been delivered on time but in my view the 2019 deadline for phase two will come and go and I expect the Government will need to intervene to move things along."
Smart Pension has been recognised by its innovative and highly automated platform, as well as Master Trust Assurance Framework accreditation (MAF) and it is a featured provider on TPR's website.
Earlier this year Smart Pension announced strong performance across its default investment funds in 2016, with growth of over 19 percent after costs for its Lifestyle Default 1 investment fund, in which the vast majority of its members' pension funds are invested.
Notes to editors
ABOUT SMART PENSION:
Smart Pension is a global savings technology platform provider. It is also one of the UK's largest providers of workplace pensions. Its award-winning master trust is MAF-accredited and overseen by independent professional trustees. It was co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, MD, and launched in May 2015. Europe's second largest asset manager Legal & General Investment Management (LGIM) took a minority stake in the digital pension platform in 2016, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider economy. In June 2017 it was named Fintech Innovation of the Year and overall winner in the Digital Leaders 100 awards, in June 2018 it was named as Master Trust of the Year at the European Pension Awards. www.AutoEnrolment.co.uk