The Pension Lab team has been developing an interactive platform to help employees and individuals re-connect and engage with their pensions. The mission is to provide simple tools to create a better understanding of pensions and encourage long-term financial decision making. The technology provides a personalised Dashboard for employees, giving a simple, daily updated view of an employee’s pension pots. This, for the first time, gives a user a complete picture of their pension position, in one digital platform.
In the next weeks, we will be delivering to market a ground-breaking new tool; The Pension Score. This score leverages our Dashboard capabilities and provides a mechanism for employees to engage with and better understand their pensions. The algorithm underpinning the score includes consideration of charges, risk level and asset allocation, specific to each of the user’s pensions.
The intention for the score is to drive decision making by simplifying pension understanding, and provides guidance on the biggest employee benefit most companies pay.
The score is twinned with a retirement projection tool, set to a user’s chosen retirement date. Each user is able to see what their existing pots (past and present) will provide them at their retirement date and the impact of their employer’s contributions on their provision, along with details of any potential shortfall.
The initial drive focuses on a b2b model with employers keen to provide employee wellbeing tools to staff and promoting recent Auto Enrolment contributions. This comes when Employee Benefit Engagement and Pension Awareness are becoming a top priority for many companies, with attention from the Government, regulators and Private sector. Longer term we aim to target very large employers and Pension Trustees, with potentially tens of thousands of members.
Our team has a wealth of experience in financial services and commercialising financial technology. The founders have been involved in Fintech programme delivery following successful experience within the private banking, wealth and pension management and PFM space across a number of leading institutes including: Barclays Bank, KPMG, PwC, and Credit Suisse. The founders’ experience importantly combines pensions, business and technology.