Royal London, the UK’s largest mutual life, pensions and investment provider, is amongst the first tranche of pension providers to successfully connect to the Pensions Dashboards Programme (PDP) Ecosystem.
As an early adopter of the Pensions Dashboards Programme (PDP), Royal London will support customers to better engage with their pensions and retirement planning by providing a digital view of legacy pensions when the service goes live. Having a single view aims to make it easier for pension holders to manage and review the pots that have been accumulated over the years.
Commenting on the completed connection to the Pension Dashboard Ecosystem, Rory Marsh, Workplace Pension Director at Royal London said:
“We are proud to be amongst the first pension providers to complete the process of linking to the Pension Dashboard Ecosystem. The Royal London team has worked collaboratively and diligently with the Money and Pensions Service to ensure this significant milestone has been achieved.
“As we encourage more people to engage with their pensions, accessibility will play a big part in building momentum. The demand from customers across all life stages to manage their finances online, including their pensions, is growing at a rapid pace. This is a major step towards a significantly enhanced digital experience for customers.”
The introduction of automatic enrolment 12 years ago revolutionised the pensions landscape, doubling the number of people saving for retirement in the private sector through their workplace pension.*
Rory added: “It’s important to keep track of pension savings. Infrequently checking your pension, or losing track of it entirely, makes planning for retirement very difficult, if not impossible. But monitoring it daily or weekly may unnecessarily worry some pension savers, especially when stock markets are volatile, and the value of their pension funds may have fallen. Our research shows that three in ten employees only check their pension either when they receive a statement (11%) or once a year (19%). But mobile apps and online portals can help drive increased engagement, which supports longer-term planning, and that is important when only one in eight (12%) of people never check their pension holdings.”
