Legal & General (L&G) has teamed up with Moneyhub, a leader in FinTech and Open Finance technology.
This collaboration aims to enhance how individuals plan for their retirement by leveraging advanced technological solutions.
The partnership between L&G and Moneyhub has been established to develop a new Pensions Dashboard. This platform will allow L&G pension scheme members to easily access and manage their pension information in one consolidated location, significantly simplifying retirement planning.
Legal & General stands as the premier DC pensions provider within the UK, focusing on delivering comprehensive retirement solutions and financial services. Moneyhub, on the other hand, is a frontrunner in the FinTech sector, specialising in Open Finance technologies that empower consumers to better manage and optimise their financial portfolios.
The upcoming Pensions Dashboard is a key element of L&G’s digital services strategy, with an official rollout expected soon after the definitive approval of the Dashboard Access Point (DAP). This initiative is part of a broader digital transformation at L&G, which includes a new mobile application incorporating Moneyhub’s Open Finance technology, set to launch shortly.
Both L&G and Moneyhub are foundational members of the Dashboard Operators Coalition (DOC), an industry group that fosters cooperation among providers, government bodies, and regulators in advancing dashboard technologies. This collaboration underlines both companies’ commitment to accelerating the availability of effective pensions dashboards to consumers.
Legal & General CEO, Legal & General Retail, Bernie Hickman said, “Our partnership with Moneyhub is another investment in leading edge technology and offers an exciting opportunity to help us deliver the best long-term retirement outcomes for pension savers. As a provider leading the way in offering a pensions dashboard, we wanted a forward-looking partner to collaborate with on our ambition. This partnership is about harnessing the power of technology to deliver positive change, get more people to engage with their savings and ultimately create a better retirement. From small pots to lost pensions, retirement planning today can be complex and confusing for many people but leveraging this Open Finance technology will put the ability to understand and engage with pensions in the palm of savers’ hands.”
Moneyhub CEO, Samantha Seaton said, “We’re delighted to be working with L&G on its pensions dashboard alongside its wider open finance offering. Dashboards are so overdue, given auto enrolment commenced over a decade ago with people in the UK now having on average 11 jobs over their working life – which means 11 pension pots to stay on top of. The way people interact with and understand their pensions will be transformed by dashboards and therefore ensure better financial outcomes for millions of savers. But, pensions are only one piece of the financial puzzle – it’s fantastic to be working with such a major provider of pensions savings who recognise the importance of engaging members in a holistic context.”
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