The dashboard will be embedded into Standard Life’s existing customer app, which incorporates a financial wellness tool, Money Mindset, which is also powered by Moneyhub’s Open Finance capabilities. Alongside finding and viewing all their pension data, pension scheme members will be able to connect to and see their bank accounts, credit cards, savings, property valuations, ISAs, loans, mortgages, and other financial products all in one place, allowing them to make better long-term financial decisions.
Standard Life is committed to being a prominent player in delivering a commercial pensions dashboard, recognising the complexity and time required for regulatory approval and customer engagement. Pending the FCA's finalisation of the regulatory framework, their dashboard will surpass government expectations by offering features like lifetime modelling and pension consolidation. This initiative is driven by the need to prioritise member engagement and experience, given factors like auto-enrolment, multiple pension pots, alternative savings, and phased retirements.
As the Government’s Pensions Dashboards Programme (PDP) Alpha Dashboard partner, and the only partner to date 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.
Officials from Standard Life said that nearly GBP 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. It may seem obvious but simply knowing how much all one’s pensions are worth will allow that person to plan for the future and understand what he can do today to have enough money to allow him to live a desired lifestyle later in life.
Moneyhub's representatives acknowledged Standard Life's proactive approach in aligning with the government's Pensions Dashboards Programme. They emphasised the importance of considering pensions as part of an individual's broader financial landscape to encourage better savings habits. The integration of Standard Life's pensions dashboard with their Money Mindset app is designed to help users understand their finances, build an emergency fund, identify savings opportunities, and enhance overall financial well-being. The app utilises AI-driven prompts and personalised content to support users on their financial journey.
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