Pensions Dashboards Programme partner Moneyhub has launched its interactive sandbox to show how the pensions dashboards could potentially work.
The open data platform said it launched the sandbox due to high demand from pension providers, master trusts and employee benefits consultancies.
Starting in April 2023, it will be mandatory for pension providers to make their data available to dashboards, but they can choose whether to provide a dashboard themselves.
Large schemes, with more than 1,000 members, will be introduced between April 2023 and September 2024, before medium schemes (100-999 members) will join between October 2024 and October 2025. Small and micro schemes (with under 99 members) do not have a specific date set, although the consultation stated it is likely to be from 2026.
Moneyhub said since the PDP is already in its alpha build and test phase, many organisations have started to consider offering their customers a dashboard service and what their options are for doing so.
Dave Tonge, chief technology officer at Moneyhub, said: “To support organisations in understanding how pensions dashboards could work for them, from both end-user and technical perspectives, we’ve launched a public alpha sandbox. As well as learning about the Moneyhub solution, the sandbox will help organisations comply with and benefit from pensions dashboards.
“Providers are considering how to address this opportunity, with already stretched technology teams. Licencing Moneyhub’s solutions could enable them to easily offer their customers a dashboard.”
Dashboards will enable savers to securely search for all their pensions and show them an indication of their total pension position.
Moneyhub is building a dashboard service that also allows savers to export their data and take whatever next steps are right for them.
The firm said its dashboard can be customised and fully integrated with clients’ existing platforms, apps and tools and clients can use its open finance APIs and build their own front-end solution.
A further element is access to Moneyhub’s open finance ecosystem which will mean after using a dashboard, customers will see their pensions within the wider context of all of their financial assets including investments, savings, property and mortgages.
Moneyhub said it is actively collaborating in the PDP alpha phase running through to the summer of 2022.
Last year, the PDP partnered with three commercial dashboard providers with which to work during its initial testing phase and selected Aviva, Moneyhub and Bud to work alongside the Money and Pensions Service’s non-commercial dashboard.
sonia.rach@ft.com
What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know
