The Just Group, Legal & General, Moneyhub, and Standard Life, which operate pension dashboards, have joined forces to launch a new industry coalition called the Dashboard Operators Coalition (DOC).
The aim of DOC is to work together with the government, regulators, and other members of the industry to guarantee that consumers have functional dashboards as soon as possible.
The coalition seeks to facilitate the safe introduction of several pension dashboards. Focus areas include DAP readiness evaluation, Identity Service integration, post-launch upgrades, and the scope of the Pre-Connection Audit.
The creation of DOC coincides with the Treasury’s new law passed in March that governs “Operating a pensions dashboard service” under the FCA.
Independent Dashboards consultant, and DOC chair Richard Smith says: “My research tour of five continental pensions dashboards teams in 2023 confirmed to me that launching dashboards is a highly challenging endeavour. But the key to getting them done is very close collaboration, both across the industry, and also between industry and government.
“On the supply of data to dashboards, the Pensions Administration Standards Association (PASA) is working very closely with the government’s Pensions Dashboards Programme (PDP). Now, for the ‘front-end’ consumer experience of dashboards themselves, there needs to be an equivalent industry coalition, where dashboard operators can come together to share their questions, ideas and feedback to develop and maintain best practices for operating dashboards.
“We know from research reports that consumers desperately want to use commercial pensions dashboards, on apps they already use and trust (such as their banking or pension app). And they want to do this as soon as possible. So I’m very grateful to the first four firms (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) for taking the lead with this new Coalition. I hope other firms will see the benefits of joining the Coalition too, as they decide to offer their own dashboards.”
Just Group marketing and distribution director, and HUB Group CEO David Cooper says: “Just Group sees pensions dashboards as a critical building block to help consumers engage with their retirement savings. Through the Dashboard Operators Coalition we aim to accelerate learnings and insights captured across the industry so that commercial dashboards meet customer needs and fulfil their incredible potential.”
Legal & General managing director of workplace Katharine Photiou says: “With more than five million workplace pension members, Legal & General has long maintained that the introduction of pensions dashboards is the key to better retirement outcomes. As one of the first providers to test the technology and the processes needed to establish the foundations of a dashboards ecosystem, we have remained committed to dashboards’ potential to help people stay connected with their pots and take stock of their overall savings.
“As an industry, we need to come together to make sure that the introduction of dashboards really shifts the dial on how people plan and prepare for retirement. We will put the full weight of our experience behind the efforts of the DOC to help make pensions dashboards a success from day one.”
Money & Pensions Service (MaPS) Pensions Dashboards Programme (PDP) principal Chris Curry says: “The theme running throughout the delivery of pensions dashboards is that we’ll make a success of them by working together. The Pensions Dashboards Programme welcomes initiatives that foster greater collaboration between industry, regulators and government. The development of dashboards will be a crucial step to giving people the tools to enhance engagement with their pensions, and we’ll continue to work closely with all organisations looking to become dashboard providers.”
Moneyhub chief executive officer Sam Seaton says: “International evidence strongly shows that consumers prefer to see all their pensions in a familiar, trusted app they already use, such as a banking, pension, or money management app.
“Through Open Finance, these apps also enable connections to users’ other finances, showing consumers the broader context of their financial position as it develops over their lifetime.
“So, as an industry, we urgently need to collaborate to launch commercial pensions dashboards for consumers as soon as possible. Working with the FCA and PDP, the Dashboard Operators Coalition will be instrumental in bringing an open and collaborative environment to commercial pensions dashboards, and in doing so, help millions of consumers achieve a healthier financial future.”
Phoenix Group workplace managing director Gail Izat says: “I’m delighted that we will be a founding member of the Dashboard Operators Coalition. We are committed to providing a Pensions Dashboard for our customers as soon as possible and cooperation amongst industry to solve some of the remaining issues should help dashboards launch. Pensions Dashboards represent a once in a generation chance to move the dial on pensions engagement, so it is crucial that government and industry get it right.”
