Aegon launches video pension statements

Aegon is launching personalised video statements that give real-time information to members on demand and via communication programmes and prompt them to take actions to take control of their savings.

The provider has developed the video summaries following a review and audit of the behavioural techniques employed by financial services providers conducted by Cowry Consulting.

Videos contain 10 sections that are completely personal to the member, referencing lifestyle targets rather than setting retirement goals. Factors include age, valuation and investment status, and the system can generate more than 3 million unique script and scheme variations.

Secondsight partner Mark Bingham says: “I love the idea of these new video summaries. We know that traditional statements contain too much information and that means many people simply file them away ‘just in case’.”

Capita Employee Solutions senior DC consultant Graeme McCormick says: “The new Aegon video summaries provide scheme members with a clear and concise understanding of their pension arrangements. The very personalised and engaging style of the animation maintains the member’s interest, highlights clearly the benefit of their employer’s contribution and the tax relief which members often overlook and which forms a significant part of their overall contribution.

“The fund value of their pension and other investments is very clear and, vitally, the member can understand and realistically the kind of lifestyle they will have in retirement and the options they have to make improvements to their lifestyle in retirement by increasing contributions, reviewing investment choices and by consolidating other pensions pots into the plan.

Read the full article and all of Mark’s comments here.