Aegon is launching personalised video statements that give real-time information to members on demand and via communication programmes and prompt them to take actions to take control of their savings.
The provider has developed the video summaries following a review and audit of the behavioural techniques employed by financial services providers conducted by Cowry Consulting.
The video summaries, which last three minutes long, have been built using a matrix of data and gaming techniques, and incorporates behavioural insights to shape design, language and sounds.
Videos contain 10 sections that are completely personal to the member, referencing lifestyle targets rather than setting retirement goals. Factors include age, valuation and investment status, and the system can generate more than 3 million unique script and scheme variations.
Aegon says the videos help people take control and become engaged which can lead to better retirement planning and outcomes, and provide access to calls to action including checking their goal planner to highlight where they could make changes.
The service will be rolled out to all schemes, starting with Aegon Retirement Choices.
Aegon managing director of workplace business Linda Whorlow says: “We’re always on the lookout for creative ways to engage and inspire members when it comes to pensions. Developments like this will help to capture their attention and hopefully motivate them to take their savings for retirement seriously.
“Feedback from real members was fundamental to the design and animation of these video summaries and we hope that they help bring our members’ pension savings to life.”
“Every member is unique and our personalised video summaries reflect this.”
Secondsight partner Mark Bingham says: “I love the idea of these new video summaries. We know that traditional statements contain too much information and that means many people simply file them away ‘just in case’. What people want to know is what is my plan worth? Is there anything that I should consider to make my retirement better? Is there anything I have forgotten? Getting all of that info in a short film is really going to help to demystify pensions and increase engagement.”
Capita Employee Solutions senior DC consultant Graeme McCormick says: “The new Aegon video summaries provide scheme members with a clear and concise understanding of their pension arrangements. The very personalised and engaging style of the animation maintains the member’s interest, highlights clearly the benefit of their employer’s contribution and the tax relief which members often overlook and which forms a significant part of their overall contribution.
“The fund value of their pension and other investments is very clear and, vitally, the member can understand and realistically the kind of lifestyle they will have in retirement and the options they have to make improvements to their lifestyle in retirement by increasing contributions, reviewing investment choices and by consolidating other pensions pots into the plan.
“I feel this is a great and valuable tool encouraging members to be more engaged with their pension planning.”