Moneyhub and Standard Life collaborate to launch a retirement dashboard, simplifying financial management for pension holders.
The open finance business Moneyhub and Standard Life, a major participant in the retirement and long-term savings space, have partnered to launch a commercial pensions dashboard.
The software gives users all the tools they need to manage their retirement funds proactively and get a complete picture of their financial situation.
Standard Life plans to integrate the dashboard with its current customer app, Money Mindset, which is a financial wellness solution that leverages Moneyhub’s open finance features. Pension plan participants can access and view all of their financial products, including bank accounts, credit cards, savings accounts, property appraisals, individual savings accounts, loans, mortgages, and other financial goods, in addition to their whole pension data.
Customers will also be able to access the pensions dashboard via the Standard Life online desktop.
The Pensions Dashboards Programme “has the potential to radically change people’s ability to understand and manage their pension savings, with nearly £27 billion in lost pensions in the UK,” according to Standard Life’s managing director of workplace Gail Izat.
However, saving is just a small portion of the retirement process. For retirees, accessing this money in various forms and at various times through various products presents extra hurdles. It may sound simple, but knowing the total value of your pensions can help you plan ahead and figure out what you can do now to ensure you have enough money to live the kind of life you want in the future.
“We are thrilled to continue working with Moneyhub to create and introduce one of the first fully functional commercial pensions dashboards in the UK, and to set the standard for how retirement saving will develop going forward by providing clients with more clarity and a genuinely comprehensive picture of their finances.”
The control panel
Subject to the FCA finalizing the draft regulatory framework, Standard Life’s pensions dashboard allows for future journeys including consolidation and lifetime modeling. Furthermore, Standard Life’s parent firm, Phoenix Group, plans to eventually provide dashboard access to all 12 million of its UK customers.
“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,” says Moneyhub CEO Samantha Seaton.
Finally with the use of personalized seeded information and AI-powered smart nudges, the Money Mindset app guides and supports users throughout their financial journey. The pensions dashboard from Standard Life and Money Mindset together will establish the direction of retirement planning in the future.
