Fidelity International, Mercer, Penny and Pension Lab have joined the industry coalition of potential operators of commercial pensions dashboards, working with government and regulators to help support the launch of multiple dashboards for UK consumers.
There are now 15 options, including MoneyHelper, Aviva, Legal & General, and Standard Life.
Fidelity and Mercer are enhancing their platforms with dashboard features, while fintechs like Penny and Pension Lab are developing innovative tools to simplify retirement planning.
Independent dashboards consultant and volunteer DOC chair Richard Smith emphasises that consumer duty encourages pension providers to ensure they offer the right pensions for their customers. But without access to information on all of a customer’s pensions, providers can’t see the full picture, making dashboards essential. He says that though not mandatory, these dashboards help providers fulfill their obligations and offer better advice.
He notes that providing consumers access to all their pensions in one app is particularly useful for those with multiple pensions. The government’s Moneyhelper dashboard will do this, but allowing commercial firms to create their own dashboards is also beneficial. Smith says strict regulations are necessary to ensure a balance between easy access and safety to protect consumers and prevent poor decisions.
Smith says “Especially since the onset of the FCA’s Consumer Duty requirements, more and more pension providers are deciding they can only properly help their customers with retirement planning if they can show them all the pensions they’ve got, together.
“It’s going to be so good for UK consumers to have so many opportunities to see their total pension position on whichever is their favourite and most trusted app, emulating the success on this we’ve seen in Norway. Soon, providers who don’t intend to offer a QPDS will be the exception.”
Smith points out that Norway’s central data retrieval system connects various commercial apps to display consistent pension information. This model, similar to the UK’s approach, allows for broader consumer reach since commercial dashboards can market themselves, unlike a government-only dashboard.
Smith says, “If you take pension information to places they already go, like a banking app or a money management app, that’s really going to make the journey easier for consumers. But then you’ve got to protect the consumers so they don’t make poor decisions so that any risk of consumer harm is mitigated.”
Fidelity International head of workplace investing distribution Dan Smith says: “We believe pensions dashboards are fundamental to improving savers’ retirement outcomes. Providing them with a single view of their pensions savings will help to increase levels of engagement, while addressing the challenges presented by a proliferation of small pots.
“The Coalition presents an excellent opportunity for the industry to work together and share best practice, to support with the implementation of dashboards. We look forward to collaborating with its members to support the delivery of commercial pensions dashboards for the benefit of our retirement savers.”
Mercer master trust head of engagement Tom Higham says: “Pensions dashboards are a powerful tool to help savers demystify their pensions and build the retirement they deserve. Dashboards will enable members to make informed decisions about their financial future, providing a reliable platform to access all of their pension needs.
“By becoming a member of the Coalition, we can combine our expertise and work together to drive positive change to support UK savers.”
Penny head of pensions David Henderson says: “We are thrilled to join the Pensions Dashboard Operators Coalition and contribute to this groundbreaking initiative.
“At Penny, our mission has always been to simplify pension management and help individuals take control of their retirement planning. Being part of the Coalition aligns perfectly with our vision. Developing our own dashboard ensures we can provide our users with a more holistic view of their retirement savings, making it easier for them to track down lost pensions and make informed decisions about their future. This collaboration is a major step forward in creating a more transparent and accessible pension system for everyone.”
Pension Lab founder and CEO Scott Phillips says: “As the pensions dashboards landscape evolves, it’s encouraging to see so many providers committing to giving consumers full visibility of their retirement savings. Joining the Dashboard Operators Coalition is an important step for us in advancing our mission of simplifying pensions for everyone.
“There’s an urgent need to reconnect people with their savings, and our experience in delivering innovative dashboard technology positions us to do just that. We’re excited to be part of this initiative, enabling providers through our technology to drive consumer choice and empower better retirement outcomes for all UK savers.”