Nationwide Building Society has launched an online retirement planning tool for the 12,000 employees in its defined contribution (DC) pension scheme.
The organisation has introduced the Guided Outcomes tool, provided by Hymans Robertson, to help educate DC pension scheme members about how much money they might need in retirement and what they need to do to reach their targets.
The online platform enables employees to set retirement income goals, and supports them in making saving decisions to achieve these.
The technology also provides decision-making support for staff approaching retirement.
Ian Baines, head of pensions at Nationwide, said: “Although our engagement with employees about pensions has increased significantly over the last few years, many people will still find the subject confusing. With [this technology], we’re confident that our employees will have the tools they need to help them plan for their retirement effectively. [It] gives members the direction they often lack when considering their retirement savings.”
