Standard Life confirms plans for commercial pensions dashboard

Standard Life has announced its intent to have a commercial pensions dashboard ready for launch when the Financial Conduct Authority’s (FCA) regulatory approval process is in place.

The first UK provider to make this commitment, Standard Life partnered with Moneyhub on the plans, making use of its customisable, white label pensions dashboard.

The dashboard is expected to be embedded into Standard Life’s existing customer app, alongside its financial wellness tool, Money Mindset, which is also powered by Moneyhub.

It will also be available to customers through the Standard Life online desktop.

In addition to finding and viewing all their pension data, the dashboard will aim to allow members will be able to connect to and see their bank accounts, credit cards, savings, property valuations, loans, mortgages, and other financial products all in one place.

Subject to the finalisation of the FCA's draft regulatory framework, Standard Life’s pensions dashboard will also look to go further than what is currently expected from the government’s pensions dashboard, enabling onward journeys such as lifetime modelling, or consolidation.

Indeed, the FCA's consultation on its proposed regulatory framework for pension dashboards operators previously confirmed that firms will be able to offer services beyond the core ‘find and view’ function of a pensions dashboard.

However, such services will only be allowed where they have the potential to improve pension outcomes, and meet rigorous conduct standards.

Announcing the plans, Standard Life said that it was looking 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 (VAP) application to the FCA and an engaging dashboard experience for customers.

Standard Life's parent company, Phoenix group, also said that it expects to extend dashboard access in due course to all of its 12 million UK customers.

Standard Life managing director of workplace, Gail Izat, stated: “With nearly £27bn in lost pensions in the UK, the Pensions Dashboards Programme (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.

“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 CEO, Samantha Seaton, added: “The government’s PDP 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.

“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.

“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.”

This is the latest in a number of recent developments around pension dashboards, as Moneyhub also previously partnered with Bravura to share an industry demo for a full end-to-end pensions dashboard, in what was thought to be a UK-first.

And whilst industry experts previously branded the new pensions dashboards timeline as "disappointing", with concerns over a potential capacity crunch and further delays, the PDP has emphasised that there will no second reset, urging pension trustees to continue to take action to prepare for pensions dashboards.

The government has also confirmed that The Pensions Regulator (TPR) will be ready to enforce the proposed staging guidance for pensions dashboards, with those schemes that choose to hold off on preparations to face scrutiny over the reasoning for this.

Whilst the industry awaits final details of this guidance, PDP has confirmed that pension schemes should receive a minimum of six months’ notice of their dashboards staging connection date, and “possibly as much as 12 months”.

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