L&G has reportedly selected Moneyhub to power its Qualifying Pensions Dashboard Service
Legal & General’s pensions dashboard will leverage Moneyhub’s Open Finance technology to improve experience “for the provider’s 5.3 million DC members, with easy access to all their pensions data in one place.”
The provider will be one of the first companies to “offer the pensions dashboard service, which will help to create better long-term outcomes for pension savers.”
The dashboard will form a core part of Legal & General’s digital suite of services, “with a formal launch expected following the Dashboards Available Point (DAP) date.”
Legal & General (‘L&G’), the largest DC pensions provider in the UK, has “appointed Moneyhub, the fintech and Open Finance firm, as its Qualifying Pensions Dashboard Service technology provider, helping to shift the dial on how people plan and prepare for retirement.”
The two firms will partner on a new Pensions Dashboard, “allowing L&G pension scheme members to find and view all their pension data in one place.”
The partnership will harness technology “to create a dashboard that will capture pension savings products across each member’s employment history as soon as the Regulator permits it.”
The move marks the latest step in “both L&G’s and Moneyhub’s work to support the launch of effective pensions dashboards to consumers as early as possible.”
Both firms have been collaborating with the UK.
Government on its central Pensions Dashboards Programme (PDP) since the Alpha test phase, and are also founder members of the Dashboard Operators Coalition (DOC), an industry body which aims to promote collaboration between providers, government and regulators in the move towards dashboards.
The dashboard will form a core “part of L&G’s digital suite of services, with a formal launch expected following confirmation of the DAP. The solution will complement L&G’s broader digital pensions ecosystem, including the firm’s new mobile app leveraging Moneyhub’s Open Finance technology, which is in the final stages of development and expected to launch imminently.”
L&G manages £176 billion in DC assets under management (AUM) on “behalf of 5.3 million members1.”
The firm has the largest commercial Mastertrust in the market, “with over £27.7 billion in AUM.”
