Standard Life and Moneyhub set out plans for commercial pensions dashboard delivery

Deal will see dashboard ready to launch as soon as FCA approval process is in place

Jonathan Stapleton
clock • 3 min read
Izat: Pensions dashboards have the potential to 'radically change' people’s ability to understand and manage their pension savings

Izat: Pensions dashboards have the potential to 'radically change' people’s ability to understand and manage their pension savings

Standard Life has partnered with Moneyhub to deliver its pensions dashboard – a move that will make it the first UK provider to commit to offering a commercial pensions dashboard.

The provider said the dashboard will be embedded into its existing customer app, which incorporates a financial wellness tool, Money Mindset, which is also powered by Moneyhub's open finance capabilities.

Alongside finding and viewing all their pension data, pension 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 Standard Life's online desktop.

Standard Life said it intends to "lead the market in committing to the delivery of a commercial pensions dashboard" - noting it recognised both the complexities of, and length of time it will take to deliver a compliant variation of permission application to the Financial Conduct Authority (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.

A screenshot of a phoneDescription automatically generated
An impression of how the dashboard could look. Source: Standard Life

Phoenix Group - Standard Life's parent company - said it also anticipates extending dashboard access in due course to all of its 12 million UK customers.

Standard Life managing director of workplace Gail Izat said: "With nearly £27bn in lost pensions in the UK, the PDP 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."

Izat added: "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."

Moneyhub chief executive Samantha Seaton added: "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. It will help savers build their emergency pot, spot saving opportunities, and develop habits to improve their overall financial wellbeing, and subsequently their later life finances. Through AI-driven smart nudges and personalised seeded content the Money Mindset app both supports and educates the user throughout their financial journey."

Seaton continued: "Together Money Mindset and Standard Life's pensions dashboard will set the vision for the future of retirement planning. We're thrilled to be working with Phoenix Group at the vanguard of our industry."

More on Defined Contribution

David Macdonald is chief executive of Socius Technologies

Does de-risking in the run up to retirement deliver better results?

David Macdonald says we need to move away from what some might see as lazy de-risking

Jonathan Stapleton
clock 08 December 2023 • 6 min read
 People's Partnership chief investment officer Dan Mikulskis

Dan Mikulskis: Driving returns to boost DC member outcomes

Charlotte Moore speaks to People’s Partnership’s CIO Dan Mikulskis

Charlotte Moore
clock 07 December 2023 • 8 min read
Decumulation CDC can provide higher outcomes but must be communicated effectively with members, the PPI says

PPI publishes CDC in decumulation report

Investment risk, mortality assumptions and scheme sizes need to be taken into consideration for CDC

Jasmine Urquhart
clock 06 December 2023 • 4 min read