Standard Life took part in our Financial Wellness with Open Finance ratings and gained overall Gold awards for both their Group Flexible Retirement Plan (GPP) and DC Master Trust propositions.
The Financial Wellness ratings with Open Finance looked at the same nine underlying areas as the without Open Finance ratings, but include an additional 10th area which explicitly explores what functionality providers have in respect of open banking functionality. The ratings look at ten separate areas of a Financial Wellness offering, and Standard Life scored exceptionally well in three of these, obtaining a further three underlaying gold awards. Financial Education: Standard Life provide both generic and personalised financial education to their members, which is based on their age and family status. This includes information on what a pension is, the State Pension, death benefits, retirement options, investment options and savings. They also provide information on wills and help setting one up. This can all be delivered online, via face-to-face sessions, video content and the member mobile app. They also have the ability to host bespoke content provided by the employer if required.
Research and educational events: Standard Life conduct their own external research in order to gain a better understanding of what their users want from a financial wellness program. This includes questionnaires, interviews, case studies and focus group with their members, employer clients, the general pubic and advisers. They also host financial wellness event for advisers, employers and members, as well as having a dedicated financial wellness team on hand to provide support.
Open Finance: Standard Life have partnered with a third-party supplier to deliver open finance technology via their workplace pension proposition. The new Money Mindset Open Finance platform will include data from current accounts, savings accounts, and credit cards. This can also include any partner and joint accounts. They can connect with all high street and challenger banks, and there is no limit to the number of accounts which can be connected, as part of this process they will automatically categorise all transactions. Standard Life are able to use the open banking data to help drive better personalised financial outcomes for their members, with intelligent messages to help with spending, saving and debt. Further details of Standard Life’s open finance offering will be shared over the course of the next few days.
Gail Izat, Workplace Managing Director, says “At Standard Life we are driven by our purpose of helping people secure a life of possibilities. Financial Wellness can have a significant impact on people’s physical and mental wellbeing. As part of the UK’s largest retirement and saving business, we have an important role to play in supporting members with a range of communications and solutions across all life stages. We are delighted to have been awarded a double Gold rating recognising the positive impact our proposition, including our Money Mindset Open Finance platform, can have on members’ financial wellness”. Standard Life also achieved underlaying silver awards for budgeting & goal setting and support & communications. Overall Standard Life are delivering a fantastic financial wellness offering which uses open finance technology to help people be more financially resilient and save for their future. Well done to all at Standard Life
To see the full Financial Wellness ratings and accompanying provider factsheet, CLICK HERE