Standard Life, part of Phoenix Group, has partnered with Moneyhub to deliver a commercial pensions dashboard.
The dashboard will be embedded into Standard Life’s existing customer app, which incorporates its financial wellness tool, Money Mindset, which is also powered by Moneyhub’s Open Finance capabilities.
The firms said this marks the first UK provider to commit to offering a commercial pensions dashboard.
Alongside finding and viewing all their pension data, scheme members will be able to 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.
Gail Izat, managing director of workplace at Standard Life, said: “With nearly £27bn 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.
“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.”
Standard Life said it intends to lead the market in committing to the delivery of a commercial pensions dashboard, recognising both the complexities of, and length of time it will take to deliver a compliant variation of permission (Vop) application to the FCA and an engaging dashboard experience for customers.
Subject to the FCA’s finalisation of the draft regulatory framework, Standard Life said its pensions dashboard will go further than what’s expected from the government’s pensions dashboard, enabling onward journeys such as lifetime modelling, or consolidation.
Izat said: “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.”
Additionally, Phoenix Group, Standard Life’s parent company anticipates extending dashboard access in due course to all of its 12mn UK customers.
Samantha Seaton, CEO of Moneyhub, said the government’s pensions dashboard programme has been urging providers to continue with their plans.
“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 said.
“To encourage more to save into their pension for retirement, more engagement is needed to inspire better savings habits from day one.
“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.”
