REBA Innovation Day: The journey from pensions dashboard to the personal economy
The pension dashboard concept, scheduled for delivery in 2019, is set to fail because of the complications it involves, according to Tobin Murphy-Coles, former CEO of Trans_form(8) Consultants.
Speaking at the REBA Innovation Day, Murphy-Coles said that the idea of creating a single point of contact for a person to get all of their pension data was: “one of those easy things to say but very complicated to do,” he said.
“It’s making an assumption that retirement is just about pensions but it’s much wider than that – it’s pension, its property, its investments etc,” he said. “Also getting data from all the providers at the moment into a single platform is an incredibly difficult thing to do. A very simple project like this is going to become overly complicated and will fail,” he said.
Instead he talked about a concept of personal economy – pulling all relevant data into one point. And the Internet of Things will also have a huge impact on data available, he said. “The journey from pension dashboard to crowd sourcing employee benefits is a reasonably short journey and we are on it right now. The question I would ask is as employers would you be able to accommodate a world where you are allowing your employees to crowdsource benefits in groups that are no longer their employee verticals,” he said.
This video was recorded at the REBA Innovation Day 2016.
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