Scottish WidowsOct 10 2017

Scottish Widows launches digital tool for pension savers

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Scottish Widows launches digital tool for pension savers

Scottish Widows has launched a new service allows workplace pension members to access their pension value and their contribution history.

The new online tool, which is being rolled out to the provider’s workplace pension customers over the next six months, was designed to make it easier for customers to understand and access their workplace pensions.

According to the provider registration for the new service takes just two minutes, and it allows individuals to update their personal details and access educational material and videos to learn more about retirement planning.

The launch of the new digital tool is part of Scottish Widows’ “Driving Pensions Value” programme, in which the provider invested £80m.

Introduced in 2016, the programme’s goal was to support the evolving needs of advisers, employers and employees.

In the future, the provider will be introducing a pension health-check, allowing employees to model the impact of making changes to their pension contributions and when they want to retire, as well as adding details of other pension pots and projecting future income in retirement.

The online tool was recently promoted to around 30 employers, as part of a national roadshow run by Scottish Widows and Pension Geeks, to improve retirement savings habits across the UK.

More than 10,000 employees are already using the service with registration rates from email invites exceeding 25 per cent, the provider said.

According to David Holton, corporate pensions director at Scottish Widows, the provider is “fully committed to getting people engaged with pensions”.

He said: “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.”

For Jonathan Bland, director at Pension Geeks, the digital service “allows customers to view and manage their pension fund in one simple place, much like they would with online banking”.

“This is absolutely a step in the right direction to getting people to connect with and feel in control of their pension saving,” he added.

Malcolm Mclean, senior consultant at Barnet Waddingham, said that greater use of technology to assist consumers to engage with their individual pension plans should be encouraged.

He said: “Bringing pensions up to date for the 21st century and developing better information and communication systems is a must, and ultimately will pave the way forward for a more wide-ranging and comprehensive pensions dashboard, which I am sure we would all like to see up and running as soon as possible.”

maria.espadinha@ft.com