Irish financial advisory software firm Centric has revealed that it is launching a dashboard platform for Irish pension holders to manage all of their pensions in one place.

The platform, called PensionsVault, aims to provide pension savers with a dashboard to manage all their pensions and policy documents to help reduce complexity and confusion around pensions.

Members will be able to save all their pensions on to a dashboard to see their retirement outlook in a single view, with the use of interactive tools allowing savers to see projections of all their pensions together.

It will also include a feature for pension holders to search for lost pensions in Ireland and across Europe.

Additionally, PensionsVault will digitally connect savers with their pensions adviser for year-round updates and guidance.

Centric founder, Karl O Meara, noted that Irish pension holders face several issues in relation to managing their pensions, such as the complexity and confusion cause by multiple pensions from various careers over a lifetime.

Furthermore, he explained that some had lost or unclaimed pensions from historic jobs, and multiple logins from different pension providers, documents and projections, which PensionsVault aims to address.

The primary challenge faced by the implementation of the dashboard was identified as the full integration of all pension provider data via API to PensionsVault.

O Meara stated that whilst some providers were happy to facilitate, others would drag their feet citing competition, connectivity issues or legacy systems; issues that were also encountered by the UK government in the development of the recently delayed pensions dashboards in the UK.

“User experience trumps everything else that a pension provider can offer, and I believe we need to change that experience for pension savers in Ireland,” commented O Meara.

“The European Open Banking payment directive gave individuals the ability to access their banking data through innovative third-party financial services providers to change their banking experience. Ireland needs Open Banking for pensions.

“We need legislation to ensure users can access all their pension data in one place and not to be restricted by pension providers hiving their data and forcing them to maintain multiple logins.”

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