Moneyhub, the open finance company, has teamed up with Standard Life, a significant player in the long-term savings and retirement sector, to introduce a commercial pensions dashboard.
The platform equips individuals with comprehensive tools for proactively managing their retirement savings and obtaining a holistic view of their financial landscape.
Standard Life will embed the dashboard into its existing customer app, which includes a financial wellness tool called Money Mindset, also powered by Moneyhub’s open finance capabilities. Alongside finding and viewing all their pension data, pension scheme members can connect to and see their bank accounts, credit cards, savings, property valuations, ISAs, loans, mortgages, and other financial products all in one place.
The pensions dashboard will also be available to customers through the Standard Life online desktop.
“With nearly £27billion in lost pensions in the UK, the Pensions Dashboards Programme has the potential to radically change people’s ability to understand and manage their pension savings,” said Gail Izat, managing director of workplace at Standard Life.
“But saving is only one part of the retirement journey. Accessing this money at different times through different products and in different forms brings additional challenges for retirees. 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.”
The dashboard
Standard Life’s pensions dashboard, subject to the FCA’s finalisation of the draft regulatory framework, enables onward journeys such as lifetime modelling, or consolidation. Additionally, Phoenix Group, Standard Life’s parent company anticipates extending dashboard access in due course to all of its 12 million UK customers.
Samantha Seaton, CEO of Moneyhub comments: “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.
“Through AI-driven smart nudges and personalised seeded content the Money Mindset app both supports and educates the user throughout their financial journey. Together Money Mindset and Standard Life’s pensions dashboard will set the vision for the future of retirement planning.”
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