Fintech and open finance firm Moneyhub has been selected by UK’s defined contribution (DC) pension provider Legal & General (L&G) to transform the latter’s qualifying pensions dashboard service.
Through the partnership with Moneyhub, L&G aims to enhance the way people plan and prepare for retirement.
Both parties will join forces on a new pensions dashboard, enabling L&G pension scheme members to find and view all their pension data in one place.
By leveraging advanced technology, the partnership will develop a dashboard designed to capture pension savings products across each member’s employment history. This will occur after obtaining regulatory consent..
Moneyhub CEO Samantha Seaton said: “Dashboards are so overdue, given auto enrolment commenced over a decade ago with people in the UK now having on average 11 jobs over their working life – which means 11 pension pots to stay on top of.
“The way people interact with and understand their pensions will be transformed by dashboards and therefore ensure better financial outcomes for millions of savers.
“But, pensions are only one piece of the financial puzzle – it’s fantastic to be working with such a major provider of pensions savings who recognise the importance of engaging members in a holistic context.”
According to L&G, the latest move showcases its efforts to advance the launch of effective pensions dashboards for consumers as early as possible.
Both companies have been collaborating with the UK government on its central Pensions Dashboards Programme (PDP) since the Alpha test phase.
They are also founding members of the Dashboard Operators Coalition (DOC), an industry body dedicated to fostering collaboration between providers, government, and regulators in the development of these dashboards.
The dashboard is expected to become a central component of L&G’s digital service suite, with a formal launch anticipated pending confirmation of the DAP.
In addition, the solution will improve L&G’s broader digital pensions ecosystem, which includes the company’s new mobile app incorporating Moneyhub’s open finance technology.
The app is currently in the final stages of development and is slated to be launched soon.
Legal & General retail CEO Bernie Hickman said: “Our partnership with Moneyhub is another investment in leading edge technology and offers an exciting opportunity to help us deliver the best long-term retirement outcomes for pension savers.
“As a provider leading the way in offering a pensions dashboard, we wanted a forward-looking partner to collaborate with on our ambition. This partnership is about harnessing the power of technology to deliver positive change, get more people to engage with their savings and ultimately create a better retirement.”
