The UK’s largest defined contribution (DC) pensions provider Legal & General (L&G) has chosen Moneyhub as its Qualifying Pensions Dashboard Service technology provider, giving the provider’s 5.3 million DC members access to all their pensions data in one place.
L&G and Moneyhub will partner on a new ‘Pensions Dashboard’ that will capture pension savings products across each member’s employment history, as soon as the Financial Conduct Authority’s regulatory approval process, the Qualifying Pensions Dashboard Service, is underway.
The dashboard will form a “core part” of L&G’s digital suite of services, with a formal launch expected following confirmation of the ‘Dashboards Available Point’ DAP.
It is expected to complement L&G’s broader digital pensions ecosystem, including its new mobile app, which uses Moneyhub’s Open Finance technology and is in the final stages of development, with a launch imminent.
Moneyhub CEO Sam Seaton
Samantha Seaton, chief executive officer of Moneyhub, said: “We’re delighted to be working with L&G on its pensions dashboard alongside its wider Open Finance offering.
“Dashboards are so overdue, given auto enrolment commenced over a decade ago with people in the UK now having, on average, 11 jobs over their working life – which means 11 pension pots to stay on top of.”
Seaton added that the way people interact with and understand their pensions will be transformed by dashboards and will ensure better financial outcomes for millions of savers.
Both L&G and Moneyhub have worked with the UK government on its central Pensions Dashboards Programme (PDP) since the Alpha test phase, and are also founder members of the Dashboard Operators Coalition (DOC).
The DOC is an industry body which aims to promote collaboration between providers, government and regulators in the move towards dashboards.
Bernie Hickman, chief executive officer of Legal & General Retail, said: “This partnership is about harnessing the power of technology to deliver positive change, get more people to engage with their savings and, ultimately, create a better retirement.
“From small pots to lost pensions, retirement planning today can be complex and confusing for many people, but leveraging this Open Finance technology will put the ability to understand and engage with pensions in the palm of savers’ hands.”
L&G manages £176 billion in DC assets under management for its members.
In September 2023, long-term savings and retirement business Standard Life extended its existing partnership with Moneyhub to deliver its commercial pension dashboard.
Embedded in its customer app, the dashboard would enable Standard Life’s four million customers to locate and view their known and forgotten state, workplace and personal pensions, worth £27 billion.
Jon Hart, API sales director at Moneyhub, is speaking at Open Banking Expo UK & Europe in London on 15-16 October. Find out more about the agenda and get your ticket here.
