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05 February, 2018   |   By Fiona Tait   |   Blog


I am who I am @pensionsgirlieblog 5 February 2018

Password.pngMore password woes…

Following on from my self-assessment issues last week I have been kicked out of another online portal because I couldn’t remember my not-so-memorable information. Seriously, there has got to be an easier way to hold information, make it secure and make it accessible to the person whose data it actually is!!

My bank account now lets me use my finger print through the ipad or iphone rather than a password, which is massively helpful as it is something that doesn’t depend on my state of mind or ageing mental capacities. It is ridiculously easy. One round of multiple screen-prodding and I can access my bank account anytime, anywhere, at the finger-printed touch of a button.Fingerprint.jpg

So what I’d really like is more biometric approaches to data storage. Other body parts could be used as well, so long as they are individual and can be easily accessed without undressing in public. Much less likely to get lost or stolen (except, obviously, by Tom Cruise).

It also highlights how far we have to go on pensions. There has been talk about developing “apps” to help millennials enage with their pension but very little action to date. True Potential, Aviva and Standard Life offer pension apps but these are still in the moinority. Most providers seem unable to, or are uninterested in, providing mobile-friendly ways of letting people check the real time value of their funds. I can still remember the marketing team of an unnamed provider telling me that they would not create an app because no one had asked for it so they reckoned no one wanted it. Right.

We are promised a working dashboard by next year, and this is a huge step forward. It is unlikely however that at that stage it will be fully comprehensive as legacy contracts and privately administered schemes struggle to meet the data standards required. I can’t help thinking though that if there were an obvious vested interest we’d get there much faster.

According to ONS figures released last week 79% of people in Britain have some form of private pension wealth with £677bn held in retained, or paid up, contracts. Unsurprisingly the proportion of people in DC pensions has increased significantly since 2012 while those with no pension at all has decreased as automatic enrolment starts to take effect. This, surely, is a market that deserves the best possible technological solutions.

Private Pension Wealth (%).pngPrivate Pension Wealth (£median).png (1)