Just under two-thirds (63%) of respondents who belong to a workplace pension scheme would prefer to manage their retirement savings online or via an app, according to research by Aegon.
Its survey of 2,000 UK adults, including 1,532 pension scheme members, also found that 64% of respondents would use a facility to manage their pension online if offered by their employer.
The research also found:
- Three-quarters (75%) of respondents would find a pensions dashboard service very or somewhat useful.
- The top three times when respondents would like to receive a prompt about their pension are: their birthday (32%), when they receive a pay rise (30%), and every five years after starting a pension (30%).
- 22% currently manage their pension online, but still have concerns about doing so.
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, individual savings accounts (Isas), credit cards, and mortgages, so why not pensions?
“Engaging with a 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.”