There has been a big increase in demand by pension scheme members for online and mobile app access, Jason Hayes, product management director at Equiniti Pension Solutions, has said.
Commenting on research into user engagement, he said: “Pensions, possibly the thorniest part of financial services to understand, has finally started to go the way of banking, trading and e-commerce. Employees are voting with their fingers and taking advantage of easily accessible and affordable mobile applications.”
According to the provider of pension, payroll and annuity administration, demand has risen dramatically this year, with a 238 per cent increase in members registering – from 8,329 members in January to 28,000 this month.
Equiniti also saw a 500 per cent increase in the number of employees accessing their pensions each month through the self-service, from 500 in 2013 to more than 3,000 members this month.
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Tom Dean, financial planner at London-based Plutus Wealth Management, said: “Anything that provides people with more information and detail about their pension is a good thing. With more engagement with retirement funds, people might realise they need to be more serious about pension saving.”
