Standard Life confirms plans for pensions dashboard
23 September 2023, 00:04
The company said the initiative would help people find and view their state, workplace and personal pensions.
Standard Life has confirmed plans to create a commercial pensions dashboard, to help its four million customers have greater awareness around their retirement savings.
It has partnered with financial technology company Moneyhub to deliver the dashboard, which will eventually be embedded into Standard Life’s existing customer app.
The pensions dashboard will also be available to customers through Standard Life’s online desktop.
Standard Life said the initiative would help customers to find and view their state, workplace and personal pensions.
Work has been under way within the pensions industry for several years to develop pensions dashboards, where people will be able to see their pension savings online, in one place.
In June, pensions minister Laura Trott said the Government remained “as committed as ever” to making pensions dashboards a reality.
The Government previously said more time was needed for the complex build of pensions dashboards to be set up.
Standard Life said it was putting “the building blocks in place” so that it could be ready to hit the ground running with its dashboard, adding that the timeline for its delivery was dependent on the Government programme.
The pension provider added that it had been preparing to finalise plans so that it would be ready for launch when the Financial Conduct Authority’s (FCA) regulatory approval process was in place.
As well as finding and viewing pension data, Standard Life said its pension scheme members would be able to go further by connecting to and seeing their bank accounts, credit cards, savings, property valuations, Isas, loans, mortgages, and other financial products, in one place.
Standard Life’s parent company, Phoenix Group, anticipates extending dashboard access to all of its 12 million UK customers “in due course”.
Gail Izat, managing director of workplace at Standard Life, said: “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.”
Samantha Seaton, chief executive of Moneyhub, said: “The Government’s pensions dashboards programme has been urging providers to continue with their plans and Standard Life has seized the initiative.”
A Department for Work and Pensions (DWP) spokesperson said: “Pensions dashboards will transform the way people plan for retirement.
“We remain committed to their delivery and to working closely with the pensions industry to ensure the record number of people saving for retirement have the support they need to make informed choices about their financial futures.”
