Scottish Widows has launched a digital service for consumers aimed at helping them understand and access their workplace pensions.
The service gives customers access to information such as their workplace pension value, their contribution history, and how their pension funds are invested.
It also allows customers to update personal details, and access educational material and videos to learn more about retirement planning.
The service will be rolled out to workplace pension customers over the next six months, and has recently been promoted to about 30 employers as part of a national roadshow run by Scottish Widows and Pension Geeks to improve retirement saving habits across the UK.
Scottish Widows said additional functionality in the form of a pension health-check tool will follow later, allowing employees to model the impact of making changes to their pension contributions in relation to their chosen point of retirement, as well as adding details of other pension pots and projecting future income in retirement.
Making savings ‘accessible’
Corporate pensions director David Holton said: “We’re fully committed to getting people engaged with pensions and this latest development puts the key details at our customers’ fingertips, providing easily accessible tools and clear information needed to manage their pension and feel in control of their financial future.
“Building on the success story of mobile banking, we want to make pension saving more accessible for all.”
Pension Geeks director Jonathan Bland added: “This new online tool allows customers to view and manage their pension fund in one simple place, much like they would with online banking, so this is absolutely a step in the right direction to getting people to connect with and feel in control of their pension saving.”
In July Scottish Widows also launched a guide for financial advisers planning retirement income strategies for their clients.