Standard Life selects Moneyhub to deliver commercial pensions dashboard

By Gloria Methri

Standard Life, part of Phoenix Group, UK’s long-term savings and retirement business, has partnered with Moneyhub, the Open Banking and Open Finance platform, to deliver its pensions dashboard. The dashboard will be embedded into Standard Life’s existing customer app, which incorporates a financial wellness tool Money Mindset, powered by Moneyhub’s Open Finance capabilities.

Standard Life intends to lead the market in 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 (VoP) application to the FCA and an engaging dashboard experience for customers.

Indeed, auto-enrolment, multiple pension pots, alternative savings & investment, and phased retirements mean pension providers need to put member engagement and experience first. Additionally, Phoenix Group, Standard Life’s parent company anticipates extending dashboard access in due course to all of its 12 million UK customers.

As the Government’s Pensions Dashboards Programme (PDP) Alpha Dashboard partner, and the only partner to connect a front-end dashboard to the programme’s Central Digital Architecture, Moneyhub brings multi-disciplinary expertise and technology. This includes user experience design, Consumer Duty, FCA regulatory compliance, UMA-based Application Programming Interfaces (APIs), PDP Standards compliance, ongoing reporting and maintenance.

Gail Izat, Managing Director of Workplace at Standard Life said, “With nearly £27 billion in lost pensions in the UK, the Pensions Dashboards Programme 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. 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.”

Samantha Seaton, CEO of Moneyhub said, “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 well-being, 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.”