People’s Pension1, the largest commercial master trust in the UK, has today announced its successful direct connection to the pensions dashboards ecosystem.
The Pensions Dashboards Programme (PDP)2, facilitated by the Money and Pensions Service3 (MaPS), is a UK government initiative aimed at improving planning for retirement and growing financial wellbeing by enabling individuals to easily and securely access all their pension information in one place, including State, workplace, and personal pensions.
The connection will enable pension data to be available through the Government-backed MoneyHelper4 dashboard and in the future through private sector dashboards. Individuals will be able to see the total value of their pension savings and an estimate of what pension income they might receive at retirement, alongside details of who is managing their pension and where to go to find more information.
Nigel Rodgers, Chief Information Officer of People’s Partnership, provider of People’s Pension said:
“Connection to the dashboards ecosystem is an important step in modernising pensions technology in the UK, which should help enhance data quality and data management processes across the sector. We’ve been working closely with the Money and Pensions Service to ensure we’re connected as early as possible.”
Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, provider of People’s Pension added:
“This milestone reflects a major collaborative effort between industry, regulators, and government. We fully support the increased transparency that pensions dashboards will provide UK savers in the future.
“As dashboards become the main way many people engage with their retirement savings, particularly when making decisions about drawing income, it is vital that pensions dashboards remain tightly regulated.”
Mark Condron, Chair of The People’s Pension Trustee Limited, said:
“This is a very significant moment for the Scheme, because it is a crucial next step in the evolution of both this master trust and the wider workplace pension industry. It has been great to witness, up close, the teamwork that has gone into making this project a success and is something that will benefit our seven million members.”
ENDS
Notes to Editor:
- People’s Partnership provides People’s Pension, the largest commercial master trust in the UK, serving seven million pension savers across the UK and manages more than £35bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
- Homepage | UK Pensions Dashboards Programme
- People’s Partnership is in the Volunteer Participant Group, working alongside the Pensions Dashboards Programme to test and evolve connection.
- Free and impartial help with money, backed by the government | MoneyHelper