Four firms join group of pension dashboards operators
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Fidelity International, Mercer, Penny and Pension Lab have joined an industry coalition of potential operators of commercial pension dashboards, bringing the number that will be available to consumers to 15, including the MoneyHelper version backed by the government.
The existing member firms of the (Pensions) Dashboard Operators Coalition are
Aviva, Just Group, Legal & General, Mintago, Moneybox, Moneyhub, NatWest Cushon, Scottish Widows, Smart Pension and Standard Life.
Aviva, Just Group, Legal & General, Mintago, Moneybox, Moneyhub, NatWest Cushon, Scottish Widows, Smart Pension and Standard Life.
The four new joiners all operate in the defined contribution space but have differing backgrounds. Fidelity is a DC pension provider, while consulting firm Mercer operates its own DC master trust. Penny is a fintech firm for locating and consolidating pension pots, and Pension Lab is a provider of white-labelled pension transfer and consolidation dashboards.
Dashboards consultant and advocate Richard Smith, who chairs the coalition, said the Financial Conduct Authority’s Consumer Duty has meant that more pension providers are deciding they need to show customers all the pensions they have if they are to offer them any retirement planning.
“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 [Qualifying Pensions Dashboard Service] will be the exception,” Smith said.
Fidelity International’s head of workplace investing distribution, Dan Smith, said the coalition was “an excellent opportunity for the industry to work together and share best practice”.
Mercer Master Trust’s head of engagement Tom Higham agreed, adding: “Dashboards will enable members to make informed decisions about their financial future, providing a reliable platform to access all of their pension needs.”
David Henderson, who heads up pensions at Penny, called the collaboration is “a major step forward in creating a more transparent and accessible pension system for everyone”.
Pension Lab founder and chief executive Scott Phillips said there is an urgent need to reconnect people with their savings.
“Joining the Dashboard Operators Coalition is an important step for us in advancing our mission of simplifying pensions for everyone,” he said.
Those interested in joining the coalition can contact it by writing to info@pdoc.org.uk.
