Standard Life has partnered with Moneyhub to deliver a new pensions dashboard, making it the first UK provider to commit to offering a commercial dashboard for the pensions sector.

The dashboard will be embedded into Standard Life’s existing customer app, which includes a financial wellness tool, Money Mindset, which is also powered by Moneyhub’s open finance capabilities.

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, alongside their pension data, allowing them to make long-term financial decisions.

The financial services company intends to lead the market in committing to the delivery of a commercial pensions dashboard, recognising the complexities of, and length of time it will take to deliver a compliant variation of permission (VoP) application to the Financial Conduct Authority (FCA) and an engaging dashboard experience for customers.

The dashboard is expected to go further than what’s expected from the Government’s pensions dashboard, enabling onward journeys such as lifetime modelling or consolidation, subject to the FCA’s finalisation of the draft regulatory framework.

The dashboard, which is also set to be rolled out on desktop, will also be made available to all 12 million UK customers at Phoenix Group, Standard Life’s parent company.

Managing director of workplace at Standard Life, Gail Izat, said: “With nearly £27bn 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 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.

“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.”

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