Businesses that contribute to the pensions dashboard project will have to pay £50,000 each, exclusive of VAT, for the privilege, the Association of British Insurers (ABI) has confirmed.
Managed by the ABI, on behalf of HM Treasury, a dashboard prototype is scheduled to be ready for testing by March 2017. The implementation for the full public-wide service has a 2019 deadline, which was set by the Treasury in March last year.
With 17 pension and long-term savings firms already involved in developing the service, the ABI will have gathered £850,000 of funding from the contributors thus far.
The contributor agreement, a copy of which has been seen by Retirment Planner, states any surplus on the project’s budget will be returned to the 17 providers “pro-rata to their contributions”.
ABI director of long-term savings and protection Yvonne Braun said: “As we have been clear from the beginning, the 17 pension companies involved in the pensions dashboard prototype are contributors. They are contributing time, expertise and the funding needed to make this ambitious project happen.”
She added: “This is a ground-breaking initiative involving the rapid development of new technologies, requiring professional project management and IT and legal expertise. The ABI’s leadership role is helping keep costs as low as possible.”
The ABI unveiled its six dashboard development partners in December, including Runpath, Experian, Origo, Safran, ITM and Aquila Heywood. 60 firms expressed an interest in taking part on a pro bono basis.