Standard Life will partner with Moneyhub to launch a pension dashboard for its 4m customers.
This announcement makes Standard Life is the first pension provider to confirm it will offer a commercial dashboard.
Standard Life already partners with Moneyhub to offer a financial wellness tool to its members, powered by Moneyhub’s Open Finance capabilities.
Standard Life said it will use Moneyhub’s white label proposition for its own commercial dashboard, which will be embedded into its existing customer mobile app.
As well as finding and viewing all their pension data — including state pension details — 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.
This information will also be available through Standard Life’s online desktop. The insurers says that the ability to view financial information in one place should allow people to make better long-term financial decisions.
Standard Life said it 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 build 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.
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.
Standard Life director of workplace Gail Izat says “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.”
Moneyhub CEO Samantha Seaton adds: “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 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.”