Scottish Widows has introduced a digital service for customers to access their workplace pensions.
The scheme provides access to information such as the employee’s pension value, their contribution history, and how their pension funds are invested. It also allows them to update their personal details, and they can access educational material and videos to learn more about retirement planning.
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 and when they want to retire, as well as adding details of other pension pots and projecting future income in retirement.
Scottish Widows has worked directly with customers in the development of this service, and the functionality and design is based on their feedback. It is being rolled out to Scottish Widows’ workplace pension customers over the next six months, and has recently been 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%.
David Holton, corporate pensions director at Scottish Widows, 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.”