L&G launches pensions portal for 3.7m members

Legal & General (L&G) has announced the release of a new pensions portal for the use of 3.7 million defined contribution (DC) scheme members across the UK.

The portal, entitled Manage Your Account, has seen upgrades to improve the overall navigation and design, as well as the addition of a variety of new features.

As a result, individual members of the scheme will now be able to access their pension at anytime, on any device, as well as accessing fund fact sheets and breakdowns of lifestyle profiles.

They will also be able to compare, choose and invest in funds, and plan ahead using the firm’s new “retirement planning tool”.

L&G emphasised that the portal “lays the foundations” for future developments, such as the anticipated requirements for the pensions dashboards.

It has been rolled out to more than 16,000 pension schemes, representing 3.7 million members who are eligible to register for the service.

As of 11 June, over one million (1,058,890) of these members had areas registered, and logged-in to use, the new portal.

The group also emphasised that there had been a surge in members looking to view and review their pension account, during the recent period of market turmoil, with 75 per cent more unique visitors at peak times, compared to the pre-lockdown average.

L&G head of DC, Emma Douglas, commented: “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.”

“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.”

“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.”

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