Standard Life has confirmed it has completed its connection to the pension dashboard ecosystem this week, in line with the Department of Work and Pensions guidance timetable.
This timetable requires larger providers to connect to the dashboard by April 30th.
Standard Life says this was part of its group wide initiative that has also seen the Phoenix Group successfully complete its connection as part of the project. The connection covers the full range of trust and contract-based policies offered by the company.
Standard Life added that this was a stepping stone towards its offering its own commercial dashboard at a later date.
The connection has been achieved via the integrated service provider (ISP) Equisoft who are relaying policy information to the dashboard ecosystem on Standard Life’s behalf.
Standard Life product director Jenny Holt says: “Connecting such a large book of business covering so many different product types has been a significant undertaking and we’re delighted to have delivered against the project’s timetable. Working with our partners Equisoft and the Pensions Dashboard Programme we’re a step closer to making pension dashboards a reality.”
Standard Life MD for workplace and retail intermediary Gail Izat adds: “Pension dashboards will unlock many benefits for customers as they start to roll out in the coming years.
“There’s an estimated £31bn sitting in lost pension pots reflecting the fact that people are increasingly working for multiple employers and losing track of their savings. The ability to see all your pension savings and projected income in one place, will alongside the small pots initiative, transform people’s ability to plan ahead for retirement and take control of their financial future.”
Equisoft products director Nick Meredith adds: “As Standard Life and Phoenix Group’s chosen ISP provider, Equisoft has delivered not only the connectivity to the central digital architecture, but also a platform with features designed to streamline operations and support future expansion as the dashboards initiative evolves. This milestone reflects both a strong partnership and real progress towards giving people clearer visibility of their retirement savings.”
