"Shaking up how people engage with their pensions is key and having a single view of all finances can help move the conversation from ‘how much have I got in my pension?’ to ‘have I got enough?’"
- Graeme Bold, Workplace Pensions Director at Scottish Widows
From January 2024, customers with access to the Scottish Widows app will be able to have their pension and other financial accounts, including insurance polices held with other providers, in one place. This will give customers a more holistic and personalised view of their finances, with the app offering financial wellness content and features provided by BeMoneyWell.
This development builds on Lloyds Banking Group’s existing technology which allows its retail customers with a Scottish Widows pension to add it to their online banking app.
Commenting on this partnership, Graeme Bold, Workplace Pensions Director at Scottish Widows, has said:
“Against the backdrop of the current cost of living pressures, and the fact that 50% of people in the UK are not saving enough for retirement, it’s crucial to look for every opportunity to help people stay on top of their finances from day-to-day to longer term.
“With Moneyhub’s market leading expertise in using data and digital connectivity to enhance financial wellness, this is the latest step we are taking to deliver on our strategy for the benefit of our customers and our shared goal to help people manage current financial challenges and build resilient futures.”
Samantha Seaton, CEO of Moneyhub, added:
“We are thrilled to announce our collaboration with Scottish Widows to roll out the Moneyhub Platform APIs. With an initial focus on Open Banking and Open Finance connections, this will give consumers a holistic view of their finances alongside their pension and lead to more personalised experiences and outcomes.
“Working together, our existing and future propositions will enable better financial futures for consumers.”
