Standard Life completes connection to the pension dashboard ecosystem

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Standard Life, part of Phoenix Group, has completed its connection to the pension dashboard ecosystem this week (30 April) in line with the Department of Work and Pensions guidance timetable.

The connection formed part of a Group wide initiative and Phoenix Group has successfully completed its connection as part of the project.

The connection has been achieved via Integrated Service Provider (ISP) Equisoft who are relaying policy information to the dashboard ecosystem on Standard Life’s behalf.

The connection represents a major milestone towards making dashboards a reality for Standard Life customers covering the full range of trust and contract based policies offered by the provider and is a stepping stone towards it offering a private sector dashboard at a later date.

Commenting on the connection, the project’s lead, Jenny Holt, Product Director at Standard Life part of Phoenix Group said: “Connecting such a large book of business covering so many different product types has been a significant undertaking and we’re delighted to have delivered against the project’s timetable. Working with our partners Equisoft and the Pensions Dashboard Programme we’re a step closer to making pension dashboards a reality.”

Nick Meredith, Products Director at Equisoft said: “It’s been a privilege to work closely with the Standard Life and Phoenix Group team on this major project and to support their successful connection to the pensions dashboards ecosystem by their April guidance date. As their chosen ISP provider, Equisoft has delivered not only the connectivity to the central digital architecture, but also a platform with features designed to streamline operations and support future expansion as the dashboards initiative evolves. This milestone reflects both a strong partnership and real progress towards giving people clearer visibility of their retirement savings.”

Gail Izat, MD for Workplace and Retail Intermediary at Standard Life said: “Pension dashboards will unlock many benefits for customers as they start to roll out in the coming years. There’s an estimated £31bn sitting in lost pension pots reflecting the fact that people are increasingly working for multiple employers and losing track of their savings. The ability to see all your pension savings and projected income in one place, will alongside the Small Pots initiative, transform people’s ability to plan ahead for retirement and take control of their financial future.”

ENDS
 

 

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About Standard Life

• Standard Life is a brand that has been trusted to look after peoples’ life savings for 200 years
• Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
• Standard Life is part of Phoenix Group, one of the UK's largest long-term savings and retirement businesses. We’re proud to be building on 200 years of Standard Life heritage together
• Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
• We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
• The value of investments can go down as well as up and may be worth less than originally invested.