Four New Firms Join the Pension Dashboard Operators Coalition to Reconnect People With Their Savings

The UK Pensions Dashboard Programme (PDP), a project aiming to create the infrastructure required to help over 16 million people plan for retirement and connect with lost pension pots all in one place, has been hit with delay after delay. 

In an effort to help launch commercial pensions dashboards for consumers more quickly, four new firms have joined the Pension Dashboard Operators Coalition, the industry coalition of potential operators of commercial pensions dashboards.

Fidelity International, Mercer, Penny and Pension Lab become the latest firms to join the Coalition, aiming to provide consumers with a consolidated view of their pensions and make it easier to track and manage their retirement savings and make informed decisions about their retirement.

In March, Sam Seaton, CEO of Moneyhub, one of the four founding firms of the initiative, explained the importance of the Coalition: “As an industry, we urgently need to collaborate to launch commercial pensions dashboards for consumers as soon as possible. Working with the FCA and PDP, the Dashboard Operators Coalition will be instrumental in bringing an open and collaborative environment to commercial pensions dashboards, and in doing so, help millions of consumers achieve a healthier financial future.”

This news means that consumers’ choice of potential dashboards rises to 15 (including the MoneyHelper pensions dashboard from the Money and Pensions Service).

The existing ten member firms of the Pensions Dashboard Operators Coalition are Aviva, Just Group, Legal & General, Mintago, Moneybox, Moneyhub, NatWest Cushon, Scottish Widows (part of Lloyds Banking Group), Smart Pension, and Standard Life (part of Phoenix Group).

Who are the newest members? 

Fidelity International supports retail and workplace savers with their plans for retirement. To help them achieve their financial goals, Fidelity plans to explore opportunities to offer savers a single, consolidated view of their pension wealth through its online services, via a commercial pensions dashboard – made available through its platforms.

Meanwhile, Mercer will look to further enhance its open banking app, Mercer Money, by implementing a commercial pensions dashboard. Mercer also recently announced its intention to acquire Cardano, including NOW: Pensions, which has an additional 2.4 million members.

Tom Higham, head of engagement at Mercer Master Trust, said: “Pensions dashboards are a powerful tool to help savers demystify their pensions and build the retirement they deserve. Dashboards will enable members to make informed decisions about their financial future, providing a reliable platform to access all of their pension needs.”

Penny, a fintech simplifying retirement planning, makes it easier for individuals to locate and consolidate their pension pots. With ongoing improvements and support, Penny ensures users are fully equipped to build a comfortable retirement. Penny intends to include a Qualifying Pensions Dashboard Service (QPDS) within its simple modern app providing customers with a secure and enjoyable experience.

David Henderson, head of pensions at Penny, said: “Developing our own dashboard ensures we can provide our users with a more holistic view of their retirement savings, making it easier for them to track down lost pensions and make informed decisions about their future.”

Pension Lab is a provider of white-labelled pension transfer and consolidation dashboards, with a vision to address cross-industry challenges. Pension Lab’s technology simplifies complex processes and automates essential tasks such as Letters of Authority (LoAs). The company now aims to extend its FCA permissions to become an authorised QPDS operator.

Addressing the ‘urgent need to reconnect people with their savings’

“Especially since the onset of the FCA’s Consumer Duty requirements, more and more pension providers are deciding they can only properly help their customers with retirement planning if they can show them all the pensions they’ve got, together,” explained Richard Smith, volunteer Dashboard Operators Coalition chair.

“It’s going to be so good for UK consumers to have so many opportunities to see their total pension position on whichever is their favourite and most trusted app, emulating the success on this we’ve seen in Norway. Soon, providers who don’t intend to offer a QPDS will be the exception.”

Scott Phillips, founder and CEO of Pension Lab, added: “As the pensions dashboard landscape evolves, it’s encouraging to see so many providers committing to giving consumers full visibility of their retirement savings. Joining the Dashboard Operators Coalition is an important step for us in advancing our mission of simplifying pensions for everyone.

“There’s an urgent need to reconnect people with their savings, and our experience in delivering innovative dashboard technology positions us to do just that. We’re excited to be part of this initiative, enabling providers through our technology to drive consumer choice and empower better retirement outcomes for all UK savers.”

The post Four New Firms Join the Pension Dashboard Operators Coalition to Reconnect People With Their Savings appeared first on The Fintech Times.

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