PensionBee has joined forces with money app Yolt to enable its customers to access their live pension balance along with other personal finances for the first time.
The joint in-app integration, announced today (4 September), will see PensionBee customers access their live pension balance alongside other financial accounts, such as bank account, credit card and ISA accounts, through the money app Yolt.
The online pension manager is offering a full integration for users through its open banking application programming interfaces (APIs), and is working on integrating its product with other banks and money apps, in order to increase transparency across the industry and help savers feel empowered.
According to PensionBee head of corporate development Clare Reilly, pension savers have been left behind in the 20th century for too long.
"Today's announcement firmly establishes pensions as part of the open banking revolution; a pension balance should be on a smartphone - and not in a drawer!" she said. "While this agreement with Yolt offers a full integration for existing PensionBee customers only, we hope it encourages other pension providers to move from paper statements by post to full digital integrations and APIs."
Yolt chief executive Frank Jan Risseeuw, added: "We want to give our users a holistic look at their finances and enabling them to see the value of their pension pot - anywhere and at any time - is a key part of this."
It comes off the back of recent speculation that the Department of Work and Pensions may abandon the much anticipated pensions dashboard, which is due to launch in 2019 and will enable savers to see all their pension pots in one place. The DWP's feasibility study on the dashboard has been due since March.
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