Envestnet | Yodlee partners with The Pension Lab to view all pensions in one place
By Joy Dumasia
Envestnet | Yodlee, data aggregation and analytics platform for financial services, and The Pension Lab, a pension FinTech provider, have partnered to provide Envestnet | Yodlee aggregated financial data to employees trying to view all of their pensions in one place. The partnership will enable The Pension Lab to leverage Envestnet | Yodlee’s Account Aggregation API to provide secure user permissioned data access to open finance accounts. This solution will allow consumers to view their different pension pots in one place.
Through the collaboration, The Pension Lab’s customers will have the ability to connect to their pension data and view the total value of their pension pots. It will allow employees to keep track of their pensions, better understand costs and give a complete view of their future pension provision enabling them to make more informed financial decisions.
According to research from Aegon, nearly two-thirds of UK adults have multiple pension pots. With the average person changing jobs 11 times, the number of people with various pension pots is likely to increase. Furthermore, the ABI estimates around 1.6 million pension pots worth £19.4 billion unclaimed, the equivalent of nearly £13,000 per pension pot.
Jason O’Shaughnessy, Head of International Business at Envestnet | Yodlee, said: “One of the key financial challenges of our generation is easy access to pension data. Our partnership with The Pension Lab shows how Envestnet | Yodlee is creating a financial wellness ecosystem that fosters people to have better connections and engagement to understand and live a better financial life. By allowing people to view all of their pension pots in one place, they can understand the progress they are making towards their future retirement income.”
Scott Philips, Founder of The Pension Lab, said: “We partnered with Envestnet | Yodlee due to its many years of experience in the UK and breadth of pension providers available on its platform. With the transition to defined contribution pensions, the need to access data has never been greater, something the Government has identified with its pension dashboard project. However, this project started in the mid 2010’s and has encountered some delays, and it is still unclear the coverage that it will be able to provide. To expedite matters and to bring solutions today, The Pension Lab has set out to build a data centre. The mission is to put the jigsaw puzzle of pension data together, helping individuals see for the first time a curated dashboard with all of their pensions added. Users can see electronically updating values which allow for easy tracking and to help with decision making around extra contributions, whether to consolidate, including a number of other simple planning measures.”
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