This project looked at how digital identity can solve a real world problem. By the time the average person retires they will have contributed to about 11 different private pensions . In some cases the pension provider and customer may have lost contact with one another. The customer may have moved house or the pension provider may have been acquired by another organisation. Current government projections suggest there will be 50 million dormant workplace defined contribution pension pots by 2050, 12 million of which will be under £2,000 in value. Reuniting owners with their savings requires assurance that the claimant has the correct identity and entitlement to the relevant benefits.
The project designed and developed a Pensions Finder prototype to examine the hypothesis: ‘Consumers will take action and make informed choices when they are provided with information and data about their pension savings & investments and the associated retirement benefits or income in later life through a secure, easy to use digital service.’