Standard Life, a part of UK-based long-term savings and retirement business Phoenix Group, has joined forces with open banking and open finance platform Moneyhub to offer commercial pensions dashboard.
According to Standard Life, the dashboard will be embedded into its existing customer app, which includes a financial wellness tool dubbed Money Mindset. The latter is backed by Moneyhub’s open finance capabilities.
In addition to identifying and reviewing all their pension data, pension scheme members will be able to connect to and view their bank accounts, savings, property valuations, credit cards, ISAs, loans, mortgages, and other financial products, all in one place.
This will enable them to make better long-term financial decisions, said Standard Life.
The pensions dashboard can also be accessed by clients through the Standard Life online desktop.
Moneyhub CEO Samantha Seaton said: “The government’s Pensions Dashboards Programme has been urging providers to continue with their plans and Standard Life has seized the initiative.
“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. To encourage more to save into their pension for retirement, more engagement is needed to inspire better savings habits from day one.”
Moneyhub’s fully customisable, white label pensions dashboard has been chosen by Standard Life for delivering its commercial pensions dashboard.
Subject to the UK Financial Conduct Authority’s (FCA) finalisation of the draft regulatory framework, Standard Life’s pensions dashboard will facilitate onward journeys including lifetime modelling and consolidation.
Through the partnership with Moneyhub, Standard Life aims to help its four million customers to locate and view their known and forgotten state, workplace, and personal pensions.
Furthermore, Phoenix Group intends to extend dashboard access to all of its 12 million UK customers in due course.
Standard Life workplace managing director Gail 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.”