Standard Life, part of Phoenix Group, the UK’s largest long-term savings and retirement business, has partnered with Moneyhub, the market-leading 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, recognising 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 finalisation 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 programme’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 Programme 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. It may seem obvious but simply knowing how much all your pensions are worth will allow you to plan for the future and understand what you can do today to have enough money to allow you to live your desired lifestyle later in life.
“We are excited to extend our collaboration with Moneyhub to develop and launch one of the UK’s first fully functional commercial pensions dashboards, while leading the way in shaping the future of retirement saving by giving customers greater certainty and a truly holistic view of their finances.”
Samantha Seaton, CEO of Moneyhub comments: “The government’s Pensions Dashboards Programme has been urging providers to continue with their plans and Standard Life has seized the initiative.
“Standard Life has the foresight to understand that pensions can’t be looked at in isolation and must be considered in the round, with a full holistic view of an individual’s finances. To encourage more to save into their pension for retirement, more engagement is needed to inspire better savings habits from day one.
“At a time when finances are increasingly squeezed, Standard Life’s pensions dashboard will seamlessly integrate with its Money Mindset app to enable customers to have a better understanding of their money and wider finances. It will help savers build their emergency pot, spot saving opportunities, and develop habits to improve their overall financial wellbeing, and subsequently their later life finances. Through AI-driven smart nudges and personalised seeded content the Money Mindset app both supports and educates the user throughout their financial journey.
“Together Money Mindset and Standard Life’s pensions dashboard will set the vision for the future of retirement planning. We’re thrilled to be working with Phoenix Group at the vanguard of our industry.”
*Qualifying Pensions Dashboard Service