Towers Watson (NYSE, NASDAQ: TW), a global professional services company, has released a smartphone application (app) providing real time pension data for defined contribution (DC) scheme members. Track My Pension, which is now available to UK occupational pension schemes administered by Towers Watson, enables members to view their current fund value, projected benefits, latest transactions and the performance of their funds using a smartphone.
Steve Kortens, Senior Consultant, at Towers Watson, said: “As pension decision making is increasingly being placed in the hands of the individual, it makes sense for members to have key pieces of information about their retirement savings at their fingertips. This is why the Track My Pension app is so useful, as it delivers just the relevant information a member requires on a real time and personal basis. As such, we hope it will not only help make members’ lives easier and improve their decision making but also encourage greater engagement and participation in pensions.”
The app which is already being used by several of its clients, interacts with members’ data on Towers Watson’s pension administration system.
Steve Kortens said: “In line with our clients’ requirements we have been developing technology that enables them to make pensions more accessible to their DC scheme members and Track My Pension represents the natural progression from our ePA web technology. While the ePA technology remains the environment where members can change their investment options Track My Pension has been designed to make it quick and easy – using simple layouts and graphs – for members to obtain their fund performance by simply looking at their phone. Online administration was already a big step forward from the days when members relied on statements sent through the post, but we are now moving to a world where DC information is available to members on the move at any time as well as through the traditional communications that they receive.”
The Track My Pension app has been approved by Apple and is currently available to users of iPhones and iPads, while an Android version is due to be launched imminently.