Dashboards provide consumers with a consolidated view of their pensions, making it easier to track and manage their retirement savings and make informed decisions about their retirement.
Alongside the other Coalition firms, this brings consumers’ choice of potential dashboards to 15 (including the MoneyHelper pensions dashboard from the Money and Pensions Service (MaPS)).
The existing ten member firms of the (Pensions) Dashboard Operators Coalition (DOC) 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)
Other potential operators of commercial pensions dashboards interested in joining too should contact the Dashboard Operators Coalition (DOC) at info@pdoc.org.uk.
Fidelity International (‘Fidelity’) supports retail and workplace savers with their plans for retirement. To help them achieve their financial goals, Fidelity will 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.
For the Mercer DC Master Trust’s 250,000 members, communication and engagement are already supported by the open banking app, Mercer Money. Mercer is now looking to further enhance this by adding in a commercial pensions dashboard (or Qualifying Pensions Dashboard Service, QPDS). Mercer also recently announced its intention to acquire Cardano, including NOW: Pensions, which has an additional 2.4 million members.
Penny is an innovative fintech designed to simplify retirement planning and make saving for the future easier. The company’s award-winning use of technology makes it seamless 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 QPDS within its simple modern app providing customers with a secure and enjoyable experience.
Pension Lab is a leading provider of white-labelled pension transfer and consolidation dashboards, known for its passion for innovative technology solutions and its vision to address cross-industry challenges, recently winning a Best Use of Platform Technology Award alongside one of its clients. Pension Lab’s technology simplifies complex processes and automates essential tasks such as Letters of Authority (LoAs). The company now aims to extend its Financial Conduct Authority (FCA) permissions to become an authorised Qualifying Pensions Dashboard Service (QPDS) operator.
Volunteer DOC Chair, and Independent Dashboards Consultant, Richard Smith, said: "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.
“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.”
Fidelity International Head of Workplace Investing Distribution Dan Smith said: “We believe pensions dashboards are fundamental to improving savers’ retirement outcomes. Providing them with a single view of their pensions savings will help to increase levels of engagement, while addressing the challenges presented by a proliferation of small pots.
“The Coalition presents an excellent opportunity for the industry to work together and share best practice, to support with the implementation of dashboards. We look forward to collaborating with its members to support the delivery of commercial pensions dashboards for the benefit of our retirement savers.”
Mercer Master Trust Head of Engagement Tom Higham 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.
“By becoming a member of the Coalition, we can combine our expertise and work together to drive positive change to support UK savers.”
Penny Head of Pensions David Henderson said: “We are thrilled to join the Pensions Dashboard Operators Coalition and contribute to this groundbreaking initiative.
“At Penny, our mission has always been to simplify pension management and help individuals take control of their retirement planning. Being part of the Coalition aligns perfectly with our vision. 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. This collaboration is a major step forward in creating a more transparent and accessible pension system for everyone.”
Pension Lab Chief Executive Officer and Founder Scott Phillips said: “As the pensions dashboards 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.”
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