Scottish Widows has launched Pension Mirror, allowing individuals to compare their savings with people of the same age, using data sourced from the Office of National Statistics (ONS).
Scottish Widows began participating in Pension Awareness Day, which ends today, in 2013 with a focus on simplifying pensions. This year, it launched the Pension Mirror as a way to engage people further with their pensions. The new tool, although based on pre-existing AI technology, is patented by Scottish Widows.
Scottish Widows Robert Cochran workplace savings engagement and innovation specialist and senior corporate pension specialist: “At Scottish Widows, we’ve been supporting Pension Awareness Day for 10 Years and one of the things we developed was ‘Age Me’, a tool where you’d tell it how much you were saving into your pension, when you wanted to retire and how much you had and it would age you to the age you could retire.
“We had that tool and developed it better and better each year. But I set a challenge for the team and said we needed something new and fun that we could use this year.
“They proposed this idea which was instantaneous. You’d just look at it and it would guess your age. We then got the ONS to give us information on the average pension fund for each age and we were immediately able to put those two things together.
“The goal is to make people go and find out what’s in their pension. This has been developed for Scottish Widows workplace saving so for anyone who’s a workplace savings customer, the call to action is to go on the app and find out how much you’ve got versus the benchmark figure.
“It’s been great for getting people talking. It’s about putting a bit of fun into pensions but it’s trying to inform you at the same time”
