Four firms have joined the Pensions Dashboard Operators Coalition, including Innovation Award winner Penny alongside Mercer, Fidelity, and Pension Lab.
It means there are now 15 potential providers of regulated dashboards, including the MoneyHelper dashboard being prepared by the Money and Pensions Service, as the technical and regulatory frameworks for the dashboard ecosystem continue to develop.
The Pensions Dashboard Operators Coalition, also referred to as DOC, works with government and regulators to help support the launch of dashboards for UK pension savers.
The quartet join fellow DOC members Aviva, Just Group, Legal & General, Mintago, Moneybox, Moneyhub, NatWest Cushon, Scottish Widows, Smart Pension, and Standard Life.
Mercer’s decision to join the coalition comes after it announced the acquisition of Cardano, which operates the NOW Pensions master trust. Mercer’s existing defined contribution (DC) master trust serves 250,000 people.
It also already offers an “open banking app” called Mercer Money, which allows users to see a range of financial products in one platform. This service is powered by Moneyhub, also a member of the coalition.
Tom Higham, head of engagement at the Mercer Master Trust, 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, meanwhile, is a fintech company helping people to locate and combine ‘lost’ pension pots. Its success led to it winning the Scheme Technology Innovation Award at the Pensions Expert Investment Innovation Summit earlier this year.
Penny’s head of pensions David Henderson said: “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.”
Richard Smith, volunteer chair of the DOC and an independent dashboards consultant, said the Financial Conduct Authority’s Consumer Duty regime had led to providers “deciding they can only properly help their customers with retirement planning if they can show them all the pensions they’ve got, together”.
He continued: “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 [dashboard] will be the exception.”
Further reading
Dashboards: ‘All systems go’ as deadlines approach (2 October 2024)
Video: Winner of the Scheme Technology Innovation Award, Penny
Aviva and Scottish Widows join dashboard operators group (20 May 2024)
Catch up on Richard Smith’s Dashboards Nine-Nine series
Pension #1 – Nest: Preparing for connection day
Pension #2 – Scottish Widows: Dashboards and data integration
