Standard Life, part of Phoenix Group, which claims to be the UK’s largest long-term savings and retirement business, has partnered with Moneyhub, the Open Banking and Open Finance platform, to deliver its pensions dashboard.
This marks the first UK provider to commit to offering a commercial pensions dashboard.
The dashboard will be “embedded into Standard Life’s existing customer app, which incorporates a financial wellness tool, Money Mindset, which is also powered by Moneyhub’s Open Finance capabilities.”
Alongside finding and viewing all their pension data, pension scheme members “will be able to connect to and see their bank accounts, credit cards, savings, property valuations, ISAs, loans, mortgages, and other financial products all in one place, allowing them to make better long-term financial decisions.”
The pensions dashboard will also be “available to customers through the Standard Life online desktop.”
Standard Life intends to lead the market in “committing to the delivery of a commercial pensions dashboard, recognizing both the complexities of, and length of time it will take to deliver a compliant Variation of Permission (VoP) application to the FCA and an engaging dashboard experience for customers.”
Subject to the FCA’s finalization of the draft regulatory framework, Standard Life’s pensions dashboard will go “further than what’s expected from the Government’s pensions dashboard, enabling onward journeys such as lifetime modelling, or consolidation.”
Indeed, auto enrolment, multiple pensions pots, alternative savings & investment, and phased retirements mean pension providers “need to put member engagement and experience first and this will be delivered through the development of the dashboard.”
Additionally, Phoenix Group, Standard Life’s parent company anticipates “extending dashboard access in due course to all of its 12 million UK customers.”
As the Government’s Pensions Dashboards Programme (PDP) Alpha Dashboard partner, and the only partner to date to “connect a front-end dashboard to the program’s Central Digital Architecture, Moneyhub brings multi-disciplinary expertise and technology.”
This includes user experience design, Consumer Duty, FCA regulatory compliance, UMA-based Application Programming Interfaces (APIs), PDP Standards compliance, ongoing reporting and maintenance.
Gail Izat, Managing Director of Workplace at Standard Life comments:
“With nearly £27bn in lost pensions in the UK, the Pensions Dashboards Program has the potential to radically change people’s ability to understand and manage their pension savings. But saving is only one part of the retirement journey. Accessing this money at different times through different products and in different forms brings additional challenges for retirees.”