Moneybox, NatWest Cushon and Smart Pension join the group working with government and regulators to help support the successful launch of multiple dashboards for UK consumers.
Alongside the other Coalition member firms*, this brings the number of members to 10.
*The existing seven member firms of the Dashboard Operators Coalition (DOC) are: Aviva, Just Group, Legal & General, Mintago, Moneyhub, Scottish Widows (part of Lloyds Banking Group), 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.
Moneybox has brought saving, investing, home buying, and retirement services together into one simple app and is already helping over 1 million people build wealth throughout life, no matter their starting point. Integrating a Pensions Dashboard Service into the wealth platform will support its customers in planning their future finances with greater confidence. Being able to find, combine, and keep track of all their pensions, alongside other financial goals, will encourage people to engage with and take control of their retirement savings earlier in life, making it easier to save what they will need for a comfortable retirement.
Financial wellbeing has always been key for workplace savings and pensions fintech NatWest Cushon, part of the NatWest Group and formally known as Cushon. Engagement with, and trust in, pensions are key to driving financial wellbeing, so it makes sense for NatWest Cushon to offer its more than 540,000 members a QPDS, enabling them to see all their pensions together from within the Cushon app.
Smart Pension’s recent Delivery 2030 paper, outlining a blueprint for the Government to transform the pension system in the UK, highlights the importance of dashboards becoming trusted sources of information, including the ability (over time) for savers to easily understand the ‘adequacy’ of their total retirement savings. Enabling Smart Pension’s 1.4 million members** to easily see their total pension position on a QPDS accessed from the Smart Pension app will help contribute to building this trust.
** Smart Pension recently announced a deal with STM Group to transition 300,000 additional members from the Options Master Trust in the coming months.
Volunteer DOC Chair, and Independent Dashboards Consultant, Richard Smith, said:"It’s so exciting that more and more firms are seeing clearly how commercial dashboards have the potential to revolutionise pensions offerings to consumers.
“A diverse universe of different dashboards, offered by pension providers, fintechs, banks & others, means more people will be able to see all their pensions together, on familiar apps they already use and trust.
“All the Dashboard Operators Coalition (DOC) member firms look forward to collaborating with government and regulators to successfully deliver multiple dashboards for UK consumers.”
Moneybox Co-Founder and Co-CEO Charlie Mortimer said: “Moneybox is delighted to be joining the Dashboard Operators Coalition. We know that the majority of people are not saving adequately for their retirement, in fact Moneybox research recently revealed that 47% of UK adults are not confident they are on track for a comfortable retirement. We have long believed that one of the most powerful and cost-effective things the industry can do to improve the retirement prospects of the nation is to help reunite savers with the many billions in lost or forgotten pension pots as well as make it far easier for people see and understand where their retirement savings are invested, throughout their lives. We look forward to sharing our knowledge and building a pensions dashboard environment that enables savers to take a massive leap forward in their confidence around retirement.”
NatWest Cushon Managing Director New Opportunities Janine Menasakanian said: “The industry has a crucial challenge coming up as dashboards are launched: suddenly pensions will become a focal point for millions of people as they engage with all their long-term savings pots in a holistic way for the first time. This is very exciting but it’s also essential all stakeholders are prepared to help people navigate this event and communicate with them effectively. We’re looking forward to working together with other industry players, regulators and government to make sure dashboards work the right way for people and providers alike.”
Smart UK Chief Executive Officer Jamie Fiveash said: “Technology and innovation have always been at the heart of what we do at Smart Pension – we’ve proved they have the power to simplify pension saving for members and employers, and we’re excited to be part of a collaborative approach to the rollout of a commercial dashboards network for the benefit of all UK savers. We’re looking forward to working together to implement a revolutionary dashboards ecosystem, with a particular focus on simplicity and better financial outcomes for members.”
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