Pension providers urged to adopt modern tech to address lack of saver confidence

More than two-fifths (43 per cent) of pension savers feel that they are not saving enough for retirement and that their provider could do more in supporting them in their savings journey, PensionBee has found.

The pension firm’s study revealed that while 53 per cent of savers were able to view their pension balance online at any time, 47 per cent still received an annual statement through the post.

According to PensionBee, this lack of regular oversight of their pensions led to 56 per cent of respondents stating that they were concerned about their retirement savings but did not know where to start to rectify the issue.

Furthermore, 42 per cent of those surveyed admitted that they did not feel like engaging with their pension because they felt it was too complex.

Pension complexity, a lack of saving and a perceived lack of support meant that just 39 per cent of savers felt confident about their retirement savings.

Commenting on the findings, PensionBee CEO, Romi Savova, said: “We’ve seen first hand that consumers feel more confident about saving for retirement when they can interact with their pensions online.

“Using proprietary technology and open application programming interfaces (APIs), we’ve made it easy for our customers to view their live balance, make contributions and withdrawals, and plan for the future, all while having full transparency on fees. 

“A wider adoption of modern technology across the pensions industry is needed if we are to tackle dwindling consumer confidence. Regular oversight over one's pension not only aids in making informed financial decisions, but promotes a greater sense of ownership and engagement over their lifetime, which leads to better outcomes.”

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