Envestnet | Yodlee collaborates with The Pension Lab for pensions dashboard
Data aggregation platform Envestnet | Yodlee and pension fintech provider The Pension Lab have partnered to help employees view all their pension pots in one place.
The partnership will enable The Pension Lab to use Envestnet | Yodlee’s account aggregation API to provide secure user permissioned data access to Open Finance accounts, creating a pensions dashboard.
It means that customers of The Pension Lab will be able to connect their pension data and view the total value of all their pension pots.
“One of the key financial challenges of our generation is easy access to pension data,” said Jason O’Shaughnessy, head of international business at Envestnet | Yodlee.
“Our partnership with The Pension Lab shows how Envestnet | Yodlee is creating a financial wellness ecosystem that fosters people to have better connections and engagement to understand and live a better financial life. By allowing people to view all of their pension pots in one place they can understand the progress they are making towards their future retirement income.”
According to figures from the Association of British Insurers, which represents the UK’s long-term savings industry, there are around 1.6 million pension pots worth £19.4 billion unclaimed, which is the equivalent of nearly £13,000 per pension pot.
Scott Philips, founder of The Pension Lab, said it had chosen to partner with Envestnet | Yodlee due to the breadth of pension providers available on its platform.
“With the transition to defined contribution pensions, the need to access data has never been greater, something the [UK] Government has identified with its pension dashboard project,” said Philips.
“However, this project started in the mid 2010s and has encountered some delays and it is still unclear the coverage that it will be able to provide.”
He added that The Pension Lab’s “mission” is to “put the jigsaw puzzle of pension data together”.