“Innovation is Key if Pensions are to keep up with Pace of Development”

Pat Sharman, UK Managing Director for KAS BANK commented:

“Confirmation that the Department for Work and Pensions will lead the pension dashboard initiative is definitely a solid first step towards making retirement planning easier for all. Today, with an abundance of fintech solutions cropping up in the financial services sector, the pensions industry has been slow on the uptake, and innovation is needed if we are to keep up with this pace of development. The dashboard offers a great opportunity to improve access to key information and modernise the way that savers, and the whole industry, reviews the state of their pensions.

“At KAS BANK, we identified the need for transparent and accurate data to assist the industry with more informed decision making, and have already created a cost transparency dashboard for trustees, providing clear investment and scheme cost analysis, all in one place. Fintech has the potential to greatly improve people’s access to, and understanding of, pension’s data which in turn can support improved investment decision-making. We are encouraged by the DWP’s plans to solve the ongoing lack of development in this space and are confident that the pension dashboard will benefit all.”