UK-based long-term savings and retirement business Standard Life has extended its existing partnership with Open Banking platform Moneyhub to deliver its commercial pension dashboard.
The dashboard will be embedded into Standard Life’s customer app, enabling its four million customers to locate and view their known and forgotten state, workplace and personal pensions, worth £27 billion.
Standard Life’s pensions dashboard will be ready to launch when the Financial Conduct Authority’s regulatory approval process, the Qualifying Pensions Dashboard Service, is in place.
Standard Life has also promised that, subject to the finalisation of the draft regulatory framework, its dashboard will “go further” than expected by the Government’s Pensions Dashboard Programme (PDP) by enabling lifetime modelling and consolidation of pensions.
Phoenix Group, the parent company of Standard Life, intends to extend dashboard access to all 12 million of its UK customers.
The dashboard will sit alongside Standard Life’s money wellness tool ‘Money Mindset’ in the app, which is also powered by Moneyhub’s Open Finance technology.
Gail Izat, managing director of workplace at Standard Life, said the Government’s PDP has “the potential to radically change” people’s ability to understand and manage their pension savings.
“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,” Izat added.
Samantha Seaton, chief executive officer of Moneyhub, said 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,” she added.
“At a time when finances are increasingly squeezed, Standard Life’s pensions dashboard will seamlessly integrate with its Money Mindset app to enable customers to have a better understanding of their money and wider finances.”
“Through AI-driven smart nudges and personalised seeded content the Money Mindset app both supports and educates the user throughout their financial journey,” Seaton added.