Four tech providers have teamed up to offer an end-to-end solution for UK pensions providers looking to onboard to the forthcoming pensions dashboards ecosystem.
Pension dashboards will allow individuals to view information about their pensions, including state pension, in one place online.
The new coalition comprises Target Professional Services, mypensionID, Bravura and Delta Financial Systems. By pooling their respective expertise, the group aims to provide a seamless journey for pensions providers, helping them navigate the complex web of processes and regulation required to connect to the ecosystem.
The joint offering includes member data screening and verification, a purpose-built verification app for members, cloud-hosted ISP solutions, and compliance testing. The coalition is also urging providers to continue preparations for the ecosystem, despite a recent reset of the Pensions Dashboards Programme’s staging deadlines.
Providing an uncompromised standard
“I’ve lost count of the number of industry professionals I’ve heard say how perplexed they are with the process of onboarding to the UK’s pensions dashboards,” said Lisa Lyon, MD at Target Professional Services.
“Despite the recent reset, the staging deadlines will still rapidly approach and there’s a clear and urgent need for a compelling end-to-end solution to help take this stress away from providers, schemes and TPAs, who already have a raft of regulations to deal with, including the impending Consumer Duty.
“We’re all about providing an uncompromised standard of service to our clients, so the idea of bringing four specialist providers together that are capable of doing everything from data cleansing to providing a scalable out-of-the-box ISP solution was a no-brainer. While each company is a specialist in its own area, together the whole is certainly greater than the sum of our parts, which makes us totally distinctive in the market.”
Jonathan Hawkins, principal consultant & pensions specialist at Bravura, added: “Delta, mypensionID and Target’s deep expertise and technical know-how in the pensions and data sectors, combined with our ability to process huge volumes of assets and trades on our systems, brings a level of reliability and scalability that pensions providers require right now.
“Pensions dashboards are a crucial step towards modernising and digitising the UK’s pensions sector and, with the clock ticking, pensions providers up and down the country need tech partners with proven scale and expertise. This unique collaboration delivers that solution.”
How it works
Target Professional Services screens and cleanses member data, with its sister company, mypensionID, handling the verification and tracing of individual members using a purpose-built verification app designed specifically for the pensions industry. Members can therefor verify themselves on their smartphone in minutes.
Member data is then loaded into the jointly developed and fully cloud-hosted Bravura/Delta integrated service provider (ISP) solution and configured to the individual provider’s preferred matching rules, before being fully tested to ensure compliance with the Pensions Dashboards Programme’s (PDP) Code of Connection. Consultation with Bravura and Delta will help support clients and future-proof the solution against any regulatory change.