Friends Provident has enhanced its online member tools (“Etools”) to help members of corporate pension schemes better understand their finances and manage their pensions online. The additions were made following feedback from customers, employers and intermediaries.
Members can now access new tools to help them understand how much they need to save for retirement using a retirement budget calculator which can calculate an income goal based on expectations of their expenses and lifestyle in retirement. Other enhancements include improved risk rating tools and more user-friendly applications available to members via their scheme.
With increased longevity, lower longer term investment returns and a state pension that has reduced in real terms value over many years, many people have an even greater need to focus on how they will fund their retirement. It is surprising therefore that the current level of employee engagement with company pension schemes is low, particularly when this benefit may be relatively low cost.
David Millar, pensions communications manager at Friends Provident said: “Pensions are a long term investment and one of the most important investments people will make in their life times. When set against a backdrop of stock market volatility, an ageing population and negative media coverage, retirement planning may feel like a mountain to climb.
“But the support and tools available to our pension scheme members have never been better. Our potent blend of online tools, evolving literature and communications and face-to-face contact from our employee communications team, give members the help to meet the challenge head on.”
