Standard Life and Moneyhub to launch commercial pensions dashboard

Standard Life is expanding its partnership with open finance platform Moneyhub to deliver its commercial pensions dashboard.

Readying itself to launch when the Financial Conduct Authority’s regulatory approval process comes in, the dashboard will be embedded into Standard Life’s customer app.

The app already incorporates a Moneyhub-powered financial wellness tool, Money Mindset, which provides users with ‘real-time’ data on spending and saving and will work in tandem with the dashboard to help give customers a more complete view of their retirement savings.

Standard Life’s four million customers will be able to find and view known and forgotten pensions, in an effort to locate some of the £27bn of lost pensions in the UK.

 “[T]he Pensions Dashboards Programme has the potential to radically change people’s ability to understand and manage their pension savings,” Standard Life managing director of workplace Gail Izat said.

“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.”

The platform is set to be one of the UK’s first fully functional commercial pensions dashboards, and according to the company will “go further than what’s expected” from the government’s pensions dashboard, with onward journeys such as lifetime modelling and consolidation enabled.

“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,” Moneyhub CEO Samantha Seaton said. 

“To encourage more to save into their pension for retirement, more engagement is needed to inspire better savings habits from day one.”

Integrating with the Money Mindset app, customers should be able to have a better understanding of their money and general finances with access to both finance tools.

“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,” Seaton added.

“Through AI-driven smart nudges and personalised seeded content, the Money Mindset app both supports and educates the user throughout their financial journey.”

Standard Life’s parent company, Phoenix Group, plans to extend the dashboard to its 12 million customers eventually.