Legal & General has switched on a “manage your account” portfolio for 3.7 million DC scheme members across the UK.
Legal & General has switched on a “manage your account” portfolio for 3.7 million defined contribution (DC) scheme members across the UK.
DC savers in 16,000 schemes are now able to access information about their pension, including fund fact sheets and lifestyle profiles at any time using a personal device.
L&G has also released a new retirement planning tool with the switch-on, and now allows simplified pension statements through the service as well.
The provider said the greater flexibility offered by the portfolio will work as a foundation for the requirements it is anticipating ahead of the eventual launch of the pensions dashboard.
L&G head of DC Emma Douglas said: “This portal is a significant piece of new infrastructure for a lockdown UK – and has been completed by our teams who themselves are also operating and collaborating remotely. In a time when financial security is more important than ever, the new portal allows members to view their pension details safely, whenever they need to.”
The provider said it had seen sizeable increases in demand from schemes members to access pension information quickly since the UK went into Covid-19 lockdown on 23 March.
Douglas added: “Recent events have only underlined why the pensions industry must invest in cutting-edge technology to better serve scheme members – via the channel each individual finds easiest.
“Investments we’ve made in new infrastructure behind the scenes of the new portal will boost L&G’s ability to deliver new tools, services and technologies well into the future.”