Thomsons Online Benefits has launched an online pension fund information service that allows employees in defined contribution (DC) schemes to obtain instant, real-time fund performance figures.
The Morning Star Fund Feature is designed to hand control of DC schemes over to members, who will be able to see how their funds are performing against others in the same sector.
Employees will be able to access the service through a link on their online total reward statements. They will be provided with fund performance information and will have the option to switch funds.
Michael Whitfield, managing director at Thomsons Online Benefits, said: “For the first time for many employees, they will have access to information on a real-time basis, and not from a provider once a month. It will be right there in front of them. This may not appeal to every single employee, but it will appeal to those who want to manage their pension fund actively.”
The Morning Star Fund Feature is designed to fit with the provider’s existing online flexible benefits and total reward statement services as a bolt-on and is not being sold as a standalone product.