Scottish Power has introduced an online portal to help its employees meet their retirement saving goals.
The portal, provided by Hymans Robertson, enables the 2,500 members of Scottish Power’s defined contribution (DC) pension scheme to set a retirement income target and helps them to make informed decisions to meet that target.
Around a third of Scottish Power’s pension scheme members have already made use of the portal, and 10% have made immediate changes to save more for their retirement.
As part of the initiative, a personalised statement has been sent out to all pension scheme members about their own pension savings situation.
Anne Harris, UK pensions manager at Scottish Power, said: “Like many businesses, we wanted to be sure that our employees understood how much they would need to be saving in to their pension arrangement so that they could afford to retire at the right time for them. We wanted to avoid people getting close to their planned retirement age only to find they needed to work longer. That’s not great for them, or for managing our workforce.
“We can now educate our pension scheme members about how much money they might need in retirement, how much they might get and how they might address any gaps.
“[The technology] also gives us a communications and governance framework to manage the membership over time. This will enable us to make more effective decisions over our pensions and reward strategy using the analytics of savings behaviours that [the portal] provides.”