L&G selects Moneyhub as pension dashboard provider
Legal & General (‘L&G’), the largest DC pensions provider in the UK, has appointed Moneyhub, the market-leading fintech and Open Finance firm, as its Qualifying Pensions Dashboard Service technology provider, helping to shift the dial on how people plan and prepare for retirement.
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The two firms will partner on a new Pensions Dashboard, allowing L&G pension scheme members to find and view all their pension data in one place. The partnership will harness leading edge technology to create a dashboard that will capture pension savings products across each member’s employment history as soon as the Regulator permits it.
The move marks the latest step in both L&G’s and Moneyhub’s work to support the launch of effective pensions dashboards to consumers as early as possible. Both firms have been collaborating 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), an industry body which aims to promote collaboration between providers, government and regulators in the move towards dashboards.
The dashboard will form a core part of L&G’s digital suite of services, with a formal launch expected following confirmation of the DAP. The solution will complement L&G’s broader digital pensions ecosystem, including the firm’s new mobile app leveraging Moneyhub’s Open Finance technology, which is in the final stages of development and expected to launch imminently.
Commenting on the new partnership, Bernie Hickman, CEO of Legal & General Retail said: “Our partnership with Moneyhub is another investment in leading edge technology and offers an exciting opportunity to help us deliver the best long-term retirement outcomes for pension savers. As a provider leading the way in offering a pensions dashboard, we wanted a forward-looking partner to collaborate with on our ambition. 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.”
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Samantha Seaton, CEO of Moneyhub commented: “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. The way people interact with and understand their pensions will be transformed by dashboards and therefore ensure better financial outcomes for millions of savers. But, pensions are only one piece of the financial puzzle - it’s fantastic to be working with such a major provider of pensions savings who recognise the importance of engaging members in a holistic context.”
L&G manages £176 billion in DC assets under management (AUM) on behalf of 5.3 million members. The firm has the largest commercial Mastertrust in the market, with over £27.7 billion in AUM.