Aegon research highlights demand for online pension solutions in the workplace

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  • Nearly 65% of members of workplace schemes would use a facility to manage their pension online if their employer offered it and nearly 63%1 of members of workplace schemes would prefer to manage their pension savings online or via an app
  • Over 75% of members of workplace schemes thought they would find a pensions dashboard service very or somewhat useful
  • Top three milestones employees would like to receive a “pension prompt” from their provider – Birthday (31.92%), pay rise (30.22%), and every 5 years since starting a pension (29.96%)
  • While nearly 23% of members of workplace schemes currently do manage their pensions online, members of workplace schemes still have concerns and barriers to managing their pensions online

Aegon has released new research that highlights the demand for digital pension and savings management solutions among members of workplace pension schemes.

A survey of 2,000 UK adults of which 1,532 were members of workplace pension schemes, revealed that nearly 65% of members of workplace schemes would use a facility to manage their pension online if their employer offered it, with nearly 63% of members of workplace schemes preferring to manage their pension savings online or via an app.

Further validating this demand for online pension management solutions, three quarters (75%) of members surveyed by Aegon thought they would find a pensions dashboard service very or somewhat useful. 

To meet this growing demand for online management solutions for members, Aegon has extended the Retiready interface and tools across its workplace proposition to put digital service at the heart of its business and help encourage employee engagement.

From the end of April, the Retiready digital experience will overlay Aegon’s workplace solutions giving employees a simple online overview of all their savings in one place.

In the FCA’s Retirement Market Income Study published in December, the regulator recommended the introduction of a “Pensions Dashboard” that would allow individuals to see all of their retirement savings in one place, and Aegon views the extension of the Retiready interface as its digital pensions dashboard.

In addition to introducing the Retiready experience to the Workplace, Aegon has launched Your Retirement Planner ( new window)) to address these issues – a free online planning tool to help employees identify the options available to them in their retirement.

Angela Seymour-Jackson, Managing Director for Workplace at Aegon UK said:

 “As we enter the new world of pension flexibilities, it’s more important than ever to provide the facility for members to manage their pensions online. Employees should be able to manage their retirement savings in whatever way suits them. And our research indicates that the majority would welcome an easy to use digital pension management solution in the workplace.

“Nowadays, digital engagement opportunities and online tools for members should be viewed as essentials for employers when selecting a workplace pension scheme.

“Technology is the key to empowering people to take control of their financial futures. It’s used every day for current accounts, ISAs, credit cards, mortgages – why not pensions? Engaging with your pension aged 50 or 60 is too late. People need to keep track of their progress from the moment they start saving for retirement so that they have a clear picture of what their savings will be worth at the point of retirement. 

“It’s exactly these changing needs and expectations of workplace members combined with feedback from employers that led to the extension of the Retiready digital interface to the workplace. We’re delighted to be able to extend the range of powerful tools, in the form of Retiready and also Your Retirement Planner, to the workplace.

“These tools and services are key to facilitating better member outcomes. By extending the Retiready interface and the tools it offers, employers and their staff will benefit from a more engaging pension which can be managed online on their mobile and tablet and will help ensure people are on track for the retirement they want.”

By the end of the year, Aegon will have provided all workplace customers with the Retiready experience - giving it to those on Workplace ARC is the first step.

About the Retiready service

Retiready was launched in April 2014 as a digital service for non-advised consumers. The award-winning service is available on tablets and mobile devices and allows users to get a complete picture of their pension savings while calculating how on track they are to achieving the retirement income they’d like. Since launch, nearly 30,000 people have generated a unique Retiready score to find out how ready they are for retirement. 

Introductory film: Retiready in the Workplace

Here is a short film to take you through Retiready in the Workplace: new window)

Password: exclusive

About Your Retirement Planner

Employers have a tough challenge ahead as they start to get questions from employees on how the pension reforms will impact them and their workplace pensions.

With this in mind, Aegon has created Your Retirement Planner, an engaging new website that an employer can recommend to their members to explain the range of options open to them when they’re not only considering retirement, but earlier in their retirement savings journey as well – new window)

The centrepiece of the service is a unique interactive income planning tool which responds to the information people provide on their savings and illustrates what it could convert to in drawdown, a guaranteed product, annuity or cash lump sums depending on the mix of options they choose.