With a funding volume of 500,000 euros, the LOEWE Research Centre SAFE and the Goethe University Frankfurt can complete the construction of a pension information platform, which shall be available from spring 2020. The money comes from the European Regional Development Fund (ERDF), the grant was made possible by the state of Hesse and runs until March 2020.
The project, initiated by Professor Andreas Hackethal, will be implemented by Deutsche Renteninformation e.V. (German Pension Information Association, DRI) and partners from the industry. The DRI is independent and creates with the prototype an open digital platform for all private and public pension providers. Users will be able to view their entire retirement income simply, securely and at the touch of a button.
In 2017, Professor Andreas Hackethal had already demonstrated the feasibility of the project in a broad scientific pilot study as part of the SAFE project "Pension Cockpit" in cooperation with the DRI and with the participation of Commerzbank, Deutsche Bank and PricewaterhouseCoopers (PwC).
Tailored products and new business models
With the grant, the construction of the platform, including a test phase, is now to be realized. For that, participants will be invited and given a personal pension cockpit. Together with partners from the financial sector, at least 5,000 participants will be selected. After completion of the test phase, the results shall be used for the construction of the platform, which will then be prepared for nationwide operation.
The users of the final pension cockpit will be able to release their collected pension information to third parties on a voluntary basis. This will allow financial institutions to develop tailored products, advisory processes, and new business models. The platform will also offer applied research opportunities in the fields of behavioral economics and machine learning for universities.
Workshops with project partners from the financial sector will take place during the project to ensure early knowledge transfer. In addition, two public conferences are planned: Initially at the start of the test phase, and then at the end of the project. The conferences shall present and discuss intermediate or final results of the project. The aim is to attract not only the project partners as participants but also representatives of other companies, supervisory authorities, public authorities, and ministries.
More on the pension cockpit in the SAFE Policy Blog