"We will work with them to develop and refine the standards and systems for pensions dashboards, so that we can provide a dashboard service that benefits consumers."
In addition to the Money and Pensions Service’s non-commercial dashboard, PDP has announced that Aviva, Bud and Moneyhub will take part in the testing phase.
PDP says the firms represent "a range of different types of organisation that we are likely to see in the future dashboard provider market", in that they include an insurer, an open banking platform and an open data fintech.
The initial test phase runs for six months from December 2021 and PDP will help its chosen dashboard providers prepare to connect their dashboards to the central digital architecture. The chosen dashboard providers will help refine the onboarding process, as well as taking part in end-to-end testing of the system.
Raman Dhaliwal, head of product at the Pensions Dashboards Programme, said: “We are delighted that we received such a positive response from organisations intending to supply pensions dashboards. We look forward to working closely with Aviva, Bud and Moneyhub, as well as the Money and Pensions Service dashboard team, as we move into our alpha testing phase. We will work with them to develop and refine the standards and systems for pensions dashboards, so that we can provide a dashboard service that benefits consumers.“
Roger Marsden, MD of retail sales and retirement at Aviva, commented: “Taking individual responsibility for retirement planning is more important than ever, and it’s great to see that a record number of people are now saving into private pensions. However, currently fewer than one-in-ten use the internet to manage their investments, such as pensions, even though it is a perfect vehicle to provide access to a range of suitable tools to help them achieve their retirement goals. We’re thrilled to be a part of the next phase of the Pensions Dashboards Programme and alpha testing of the dashboard ecosystem, as ultimately it will allow millions of people to monitor and manage their pensions online in one place for the first time.”
Ed Maslaveckas, founder at Bud, stated: "An open finance ecosystem in the UK is an inevitability now and projects like this are invaluable in helping the industry to adapt. Open finance carries with it a huge opportunity for wealth managers to help people make better provisions for their future. We're focussed on ensuring that our clients are in the best possible position to capitalise on that and excited to be partnering with leaders like the Pensions Dashboards Programme to make it happen."
Dan Scholey, CCO at Moneyhub, added: "We are thrilled to build on our role in the evolution of pensions dashboards. As the leading Open Data platform, we believe that consumers not only have a right to be in control of their financial information, but it is imperative for financial wellbeing. Through the work we have done with our clients, we are well placed to support the Pensions Dashboards Programme into its next phase of growth.”