Standard Life confirms plans for pensions dashboard

23 September 2023, 00:04

A woman using a mobile phone
Pensions dashboard. Picture: PA

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.”

By Press Association

More Technology News

See more More Technology News

Openreach van

Upgrade to Openreach ultrafast full fibre broadband ‘could deliver £66bn boost’

Laptop with a virus warning on the screen

Nato countries are in a ‘hidden cyber war’ with Russia, says Liz Kendall

Pat McFadden

Russia prepared to launch cyber attacks on UK, minister to warn

A person holds an iphone showing the app for Google chrome search engine

Apple and Google ‘should face investigation over mobile browser duopoly’

A Google icon on a smartphone

Firms can use AI to help offset Budget tax hikes, says Google UK boss

Icons of social media apps, including Facebook, Instagram, YouTube and WhatsApp, are displayed on a mobile phone screen

Growing social media app vows to shake up ‘toxic’ status quo

Will Guyatt questions who is responsible for the safety of children online

Are Zuckerberg and Musk responsible for looking after my kids online?

Social media apps on a phone

U16s social media ban punishes children for tech firm failures, charities say

Google shown on a smartphone

US Government proposes forcing Google to sell Chrome to break-up tech empire

The logo for Google's Gemini AI assistant

Google’s Gemini AI gets dedicated iPhone app in the UK for the first time

Facebook stock

EU fines Meta £660m for competition rule breaches over Facebook Marketplace

A phone taking a photo of a phone mast

Government pledges more digital inclusion as rural Wales gets phone mast boost

Social media apps displayed on a mobile phone screen

What is Bluesky and why are people leaving X to sign up?

Someone types at a keyboard

Cyber security chief warns Black Friday shoppers to be alert to scams

MPs

Ministers pressed on excluding Chinese firms from UK’s genomics sector

Child with mobile phone stock

Specially designed smartphone for children launches in the UK