Aviva, Scottish Widows and fintech firm Mintago have joined the Dashboard Operators Coalition.
This move confirms that pension providers Aviva and Scottish Widows both plan to launch their own dashboards. This industry group was set up to work with government and regulators to support the launch of pensions dashboards. Current members also include Legal & General, Standard Life, Moneyhub and Just Group.
Having originally agreed to work with the Pensions Dashboards Programme as a volunteer participant, Aviva has continued to advocate for Qualifying Pensions Dashboard Services (QPDSs) and has confirmed it will apply to the FCA to become a regulated dashboard operator once the QPDS regulatory framework has been finalised.
Scottish Widows, part of Lloyds Banking Group, has stated that the UK has entered the “Connected 20s” — a decade when tech is increasingly used to help people manage day-to-day lives, including their savings and pensions. It said that becoming an FCA regulated QPDS operator is “a natural next step” for the company.
Mintago is a a London-based fintech founded in 2019 with a team of 30 people that is also aiming to become a QPDS operator. It has received a £774,000 innovation loan from Innovate UK to enhance its technology platform which enables businesses to support their employees with their financial planning, alongside a comprehensive suite of financial wellbeing benefits.
DOC chair and independent pensions dashboards consultant Richard Smith, says: “A diversity of dashboards, all regulated by FCA, means consumers will be able to see all their pensions together in the place of their choosing. More access points means more engagement.
“With the FCA’s consultation on QPDS rules now closed and certainty from DWP that pensions data will start becoming digitally connected from April 2025, many more firms are planning to offer customers a QPDS. They’re all welcome to join the DOC to help launch dashboards for consumers as soon as possible.”
Aviva director of workplace pensions, Emma Douglas says:“Pension dashboards are set to help deliver a pensions revitalisation, now and for future generations. Supporting our customers to ensure they get the retirement they deserve is paramount and expanding our digital service to include a holistic pension wealth view will help do just that. By joining the Coalition and its like-minded dashboard operators, we can collectively contribute to this important development.”
Scottish Widows workplace pensions director Graeme Bold adds: “Our Retirement Report shows that 35 per cent of people are not on track for even a minimum lifestyle in retirement and so it’s important to give people the financial insights they need, now.
“Dashboards are a huge opportunity for people to bring their pensions together to better plan for their future. We already see customers connecting their pensions via Open Finance in the Scottish Widows app, demonstrating there is demand for a dashboard that helps people see their savings in one place and better plan for their retirement.”
