Today the Pensions Dashboard Programme provided a progress update and shared an indicative phased plan, which has set a target for pension providers to connect to the new dashboard eco system in 2023. The Pension Dashboard Programme aims to enable individuals to access their pension information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing.

Commenting, Neil Hugh, Head of UK Proposition at Phoenix Group, said:
“It’s great to see progress being made with the Pension Dashboard. We recognise the efforts and enthusiasm of the team working on the project, who are seeking to find solutions to some of the tougher challenges in order bring the project to fruition. As indicated today, there is still a great deal to be achieved, but we welcome the update on progress and further clarity on direction of travel over the next 6 months for the phased project plan. We’re looking forward to continuing to work with the project in the months ahead and contributing to the development of the Dashboard which has the potential to be a real game-changer for people and their engagement with their pensions

“Phoenix Group has long been supportive of the Pensions Dashboard and it’s important to get it right. In time, the Dashboard should help the growing number of savers with multiple small pension pots, and even see the end of the industry-wide issue of lost pension pots. It’s estimated that there are around 1.6 million pension pots worth £19.4 billion unclaimed – the equivalent of nearly £13,000 per pension pot*.”

Phoenix Group is represented on the dashboard programme’s Data Working Group.

*Source: PPI report

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Enquiries

Rachel Esland
PR and Public Affairs Manager
Phoenix Group
07892 705093
Rachel.esland@thephoenixgroup.com

Notes to editors

About Phoenix Group

Phoenix has become the UK’s largest long-term savings and retirement business following the completion of the ReAssure acquisition and is also the largest consolidator of closed life and pension funds in Europe.

Phoenix has businesses in the UK, Germany and Ireland, split across three key business segments: UK Heritage, UK Open and Europe.

The Group specialises in the acquisition and management of closed life insurance and pension funds (its Heritage business). Phoenix is a leader in the safe and efficient management of UK Heritage business. The UK Heritage segment comprises products that are no longer actively marketed to customers and has been built through the consolidation of over 100 legacy insurance brands.

In addition, Phoenix’s UK Open business manufactures and underwrites long-term savings and retirement products to support people saving for their future. These products are actively marketed to new and existing customers, primarily under the Standard Life brand. This segment is underpinned by a strategic partnership with Standard Life Aberdeen following the Phoenix Group’s acquisition of Standard Life Assurance Limited in 2018. Standard Life Assurance is a long-established expert in workplace pensions, personal pensions, long term savings and retirement solutions, and its customers and clients include individual savers and some of the largest employers in the UK, as well as professional advisers. The UK Open business includes a growing BPA business. Phoenix Group also has a market leading brand - SunLife - which sells a range of financial products specifically for the over 50s market.

The European business spans a range of both Open and Heritage products across three segments: Ireland, Germany and the International Bond in the UK. Our focus is on protecting our existing assets, optimising sales and driving efficiencies, which enables us to maximise value in these businesses and provides a platform for potential future consolidation in Europe

Phoenix Group is a member of the FTSE 100 index, and has circa 14 million policies and over £300 billion of assets under administration.