Smart Pension, NatWest Cushon and Moneybox have joined the coalition of potential dashboard operators that will work with the UK government and regulators to help support the successful launch of dashboards for consumers.
The coalition was launched in March this year by Just Group, Legal & General, Money Hub and Standard Life after HM Treasury legislation came into force making “operating a pension dashboard service” a brand new Financial Conduct Authority (FCA) activity which prompted the four firms to establish the coalition to collaborate with each other, with government and regulators, to support the launch of “highly effective” dashboards to consumers as early as possible.
Then in May the coalition was strengthened with Aviva, Scottish Widows and Mintago joining in.
Now Smart Pension, NatWest Cushon and Moneybox have applied for FCA approval to be a Qualifying Pensions Dashboard Service (QPDS) and joined the coalition.
Volunteer Dashboard Operators Coalition 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.”
He added that a diverse universe of different dashboards, offered by pension providers, fintechs, banks and 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,” he added.
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.”
Smart Pension said its recent Delivery 2030 paper, outlining a blueprint for the government to transform the pension system in the UK, highlighted the importance of dashboards becoming trusted sources of information, including the ability for savers to easily understand the “adequacy” of their total retirement savings.
NatWest Cushon managing director for new opportunities Janine Menasakanian added that 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.
She said that it was essential that 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,” she noted.
Moneybox co-founder and co-CEO Charlie Mortimer said that its recent research revealed that 47% of UK adults are not confident they are on track for a comfortable retirement.
Mortimer said: “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.
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