Standard Life, a part of Phoenix Group and the largest long-term savings and retirement business in the UK, has partnered with Moneyhub, the Open Banking and Open Finance platform, to launch its pensions dashboard. This makes Standard Life the first UK provider to commit to offering a commercial pensions dashboard.
The dashboard will be integrated into Standard Life’s existing customer app, which also features a financial wellness tool called Money Mindset, powered by Moneyhub’s Open Finance capabilities.
In addition to accessing and viewing their pension data, scheme members will be able to connect and view their bank accounts, credit cards, savings, property valuations, ISAs, loans, mortgages, and other financial products all in one place. This comprehensive view will help users make better long-term financial decisions.
Standard Life’s pensions dashboard will also be accessible to customers through the Standard Life online desktop platform.
Standard Life aims to lead the market by committing to deliver a commercial pensions dashboard, acknowledging the complexities and time required to obtain regulatory approval and develop an engaging dashboard experience for customers.
Pending the Financial Conduct Authority’s (FCA) approval of the regulatory framework, Standard Life’s pensions dashboard will go beyond the government’s expectations by offering features like lifetime modelling and consolidation of pension accounts.
Given the rise of auto-enrollment, multiple pension pots, alternative savings and investments, and phased retirements, pension providers need to prioritize member engagement and experience, which will be facilitated through the development of the dashboard.
Furthermore, Phoenix Group, the parent company of Standard Life, plans to extend dashboard access to all of its 12 million UK customers in the future.
Moneyhub, as the government’s Pensions Dashboards Programme (PDP) Alpha Dashboard partner, brings a wealth of expertise and technology in user experience design, FCA regulatory compliance, APIs, PDP Standards compliance, ongoing reporting, and maintenance.
Gail Izat, Managing Director of Workplace at Standard Life, expressed enthusiasm for the partnership, highlighting the importance of empowering customers and enhancing their financial well-being through the pensions dashboard.
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