Pensions Dashboard (ISP)

In 2016, the Financial Conduct Authority stated that a pension dashboard was needed, where pension providers should be able to retrieve the data requested, so individuals can have information about all their pension pots to help them make better decisions. The government has committed to this request and introduced the consultation draft for the Pensions Dashboard Regulations.  

2023 is only around the corner, and we are hearing a lot about how this sounds like a massive commitment for many organisations. This is not optional, and pension providers should already be starting work internally to accommodate the regulations that will be introduced. No matter how large of a commitment and how big of a workload this seems for your organisation, we can promise ongoing simplicity, which will allow your organisation to upscale. 

With the TM1 projections changing to be in line with dashboard requirements in October 2023, CTC’s dashboard can offer you confidence with compliance.  

At CTC, we have been trusted as a solutions provider for 30 years and counting within the financial sector. We’re committed to simplifying complications in pensions by bringing innovation to the pension industry and ensuring that any technology we innovate will comply with existing and future regulations.  

With ISO 27001 and ISO 9001 certification and 30 years of supplying software and consultancy to the financial services sector with both multi-national and specialist boutique customers. CTC has a pedigree to give confidence in our dashboard solution and any projects. 

CTC’s Pension Dashboard Technology

Since the government discussed the timeline in the consultation papers, we at CTC have been working behind the scenes to bring forward the dashboard solution to help providers prepare themselves for when the regulations become effective. No matter the regulations, our dashboard will do the heavy lifting and take care of all the existing and future regulations that pension providers must comply with while preparing providers for what’s required of them when the dashboard regulations become effective.  

That’s not all; our dashboard will prepare you for ‘the new world’ of pension, future-proofing your organisation for any innovative changes introduced in the unknown future with our solutions within CTC’s pensions ecosystem.  

CTC’s pensions ecosystem offers flexibility, consisting of CTC’s solutions that have the capability to assist you in all aspects of pension. It can easily plug in with your existing system or our system through an API.

The new world of pension

The Pensions Dashboard will herald in a new world of pensions, meaning change is coming, and providers must prepare for what is about to come, from technology to regulations to make pensions more accessible for customers. We make it our mission to prepare you for the world after dashboard. Consolidation will be at an all-time high, and if providers are unable to provide the engagement that customers are looking for, there are chances that customers will go to providers who have the technology to assist them in all areas of pension fully, from transfers to engagement.  

While at the moment, it can be challenging for customers to gather information on the pensions that they have, with a dashboard, they will be able to see all their pension pots in one place, including the information on those pots, which will drive a large amount of consolidation leading to a vast business opportunity, but a massive risk for providers who are unable to make the process easy for customers to manage.  

CTC’s dashboard has the end-user (your customers and your organisation) in mind, meaning that our dashboard will help your organisation stay ahead of the technological curve. Through this transition, your workflow will be automated; customers can easily access their information from the comfort of their homes. Any services you offer through our solutions will comply with the existing and future regulations. We have a dedicated legal team who is always on the lookout and ensures that when the new regulations become effective, this reflects in our solutions, meaning as a provider, your organisation no longer must spend a lot of time on the regulations; we’ve got you covered. 

Features of CTC’s Pension Dashboard 

While we understand that the dashboard will bring about a vast innovative shift within the pension industry, we are here to support your organisation to bring your existing data and system online while having other innovative services available to you to help you offer the best services to your client, with an opportunity to upscale. We are here to support you along the way; now, when you opt for our dashboard solution, and ongoing. 

CTC can turn your manual system into a modern, engaging platform. We, as your ISP, can bring this data online while ensuring the process and information comply with the regulations through the data you gathered in a format of your choice. 

CTC is an Integrated Service Provider (ISP): 

CTC’s dashboard offers endpoint connection – certification with the government’s Pensions Dashboard Program, making us an Integrated Service Provider (ISP), offering you high-performance, mass data infrastructure through our dashboard solution. By choosing CTC’s dashboard solution, you won’t have to go through the hurdles alone. We can be your dedicated provider who would be delighted to assist you through this transition from bringing your data online and future-proof your organisation.  

  • Data is stored on CTC’s Dashboard cloud for a configurable amount of time (max 12 months)  

  • The finder service is built for NFRs required for the Dashboard project  

  • Estimated Retirement Income projection can be taken via data upload, or CTC can perform on data return (It can also be deployed outside of the cloud)  

  • Respond data is an extension of existing SMPI service adhering to TM1  

  • Confirmed data is then stored with dashboard markers

CTC's Estimated Retirement Income (ERI): 

The ERI is a core part of the dashboard requirements. Many providers may struggle to provide the latest projection, possibly because of legacy illustration systems.  

In addition the TM1 changes will come in force for October 2023, meaning significant changes to the existing projections. CTC’s offering is guaranteed to be TM1 ready allowing you to be ready. 

With CTC’s dashboard ERI service, Providers will be able to upload the ERI data for customers, and CTC will perform the calculations and will provide the required data to the dashboard. 

This can also update and replace existing SMPI systems. 

CTC’s engage solution: 

With the flexibility of our solutions, our dashboard solution can easily be implemented to work with CTC’s engage products; from personalised video to retirement planning, your choice is endless. Through the same portal, should you choose to opt-in for CTC’s additional solutions, you’re able to do so and keep the existing system while your customers will be able to access the services from the same portal.  

Provider Portal:  

  • ISP data upload  

  • ERI data upload  

  • MI on Dashboard interactions   

  • Personalised video campaign  

  • Simpler Statement production  

  • Engagement analytics 

Customer Portal: (optional modules)  

  • Customer home screen 

  • Personalised video view  

  • Retirement Planner  

  • Annual Statement 

What’s in it for your organisation?

  • Future-proofing your organisation  

  • Staying ahead of the technological curve  

  • Complaint with the current and future regulations  

  • Fully digital, helping you automate your processes and workflow  

  • Enables you to focus on scaling up your business and longer-term strategies 

What’s in it for your customers?

  • Excellent online customer journey  

  • Responsive to every device  

  • We bust the jargon to avoid complications for users  

  • Making pensions more accessible for your customers  

  • The account will be accessible from the comfort of their own home 

Need more reasons to choose CTC as your ISP?

  • We are here to help you every step of the way 

  • ISO 27001 and ISO 9001 certification 

  • Trusted as a solutions provider for 30 years and counting 

  • Your organisation no longer has to worry about complying with existing and future regulations; although our dashboard is automated, we also promise to help you comply with the regulations 

  • We’re an ISP that offers endpoint connection – certification with PDP  

  • CTC’s system will be fully compliant with the Dashboard and new TM1 regulations 

  • All projections data will be stored securely for use with the dashboard and other services  

  • CTC can work in any data format you need (Excel, CSV, XML)  

  • CTC can consult on any challenging data or calculation issues.  

  • cybersecurity certification with PDP 

Hosting 

CTC typically provides its applications under a SaaS model, saving the cost and hassle of hosting applications. We are, however, equally comfortable supporting an on-premises deployment. 

Book a call with John Parker

Pensions Dashboards for Defined Benefit Pension Schemes 

The find and view data, as the name suggests, will match data records to help customers discover their lost pension pots, hence the importance of data accuracy when bringing the data online for the first time. The idea is for customers to input their unique information to identify their identity, to match customers with their lost pension pots. Should the data be inaccurate, the data will not match the request, meaning it won’t meet the purpose and the value of the Pensions Dashboards Programme’s and its requirements. 

The deadline is fast approaching for defined benefit schemes to bring the data online for data matching purposes to accommodate the requirements of the Pensions Dashboard Programme. Schemes will need to ensure that the data matching needs to be configurable per scheme and ensure data accuracy as missing data can cause issues in matching accurate data for customers. 

The issues that schemes are likely to be facing now will fall under the category of valuation differences: 

  • The valuation not running annually 

  • ERI not saved 

  • Projections aren’t automated 

  • Great variation on valuation per scheme 

Trusted over 30 years by providers across the financial sector, we are an established Pensions Dashboards provider who can help defined benefit schemes with enhancements which will allow for individual matching configuration. With our experience offering bulk TVAS services for over 25 years, we can help defined benefit schemes with: 

  • Data cleansing 

  • Bulk data models for transferring defined benefit scheme data online 

  • All defined benefit schemes valuation permutations catered for any additional services once the pensions dashboards have been adopted such as on demand annual statements 

While the plan for the Pensions Dashboards Programmes’ first goal is to ensure that data is online and ensuring the data can be ‘found’ and ‘viewed’ upon a user’s request, we trust the next logical plan will be to encourage more engagement after customers learnt more about their newly discovered pension pots. At CTC, our microservices may be implemented into any existing systems via APIs and configurations which may be fitted into any existing systems, but even faster if your system is already with CTC.