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UK investment companies could launch online pensions tracker if state backs out

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UK investment companies could launch online pensions tracker if state backs out

The U.K. investment industry will consider launching its own online dashboard to allow people to track all of their pensions savings amid concerns that the government may withdraw its support for the project, the Financial Times reported Aug. 31.

About 12 large pension providers are set to meet in September to determine how a privately run dashboard would operate, the newspaper said. Origo, a not-for-profit fintech company jointly owned by several large U.K. financial groups, is coordinating the discussions. Its managing director Anthony Rafferty told the FT that it supported the government's attempts to set up a tracker but that if this failed, the industry would look at how it might take over the project.

Former chancellor George Osborne had vowed to launch the tracker project by 2019, but the government missed a March deadline to provide an update on the dashboard.