Leading online workplace pension provider Smart Pension has launched a new-look pensions interface which allows savers to self-select funds via their mobile phone or online portal and see valuations in real time.
The secure functionality means members can now update every element of their retirement fund safely, in minutes.
Recent figures from the Office for National Statistics (ONS) show seven in ten people in the UK now use internet banking, with 90 per cent of households having access to the web. This trend is expected to broaden dramatically, with more and more people managing their financial transactions, including investments, via technology.
Will Wynne, Smart Pension co-founder and MD, said: "We see technology playing an increasingly important role in helping savers engage with their pensions. This higher level of instant interaction will be critical to help lead to good retirement outcomes. With our synchronous API and new interface, we can give our members control and daily updates on their balance so they can manage their pension in the same way they would their bank account."
The new features allow savers to:
The Smart Pension app is available for iOs and Android and comes in addition to Smart's Alexa Skill functionality which enables employees to 'ask Alexa' to report on their pension contributions in real time via Amazon's Echo family of home hub smart speaker devices (Echo, Echo Dot, Echo Spot and Echo Show). They are also able to make instant changes to their employee contribution percentage using voice recognition. Its services can also operate via Google Home devices.
The fund management element allows savers to self-select the funds they invest their pension pot into. They can choose from 16 Smart funds according to risk or ethical position, or both. All options offered are Legal & General Investment Management (LGIM) funds and delivered on the LGIM platform.
They include a range of equity, fixed interest bonds, cash and specialist funds as well as Environmental, Social and Governance (ESG) options in self-selected proportions.
The new technology is part of Smart Pension's Innovation Roadmap, which was announced earlier this year.
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