Now Pensions has announced plans to introduce a new member app and online portal in the new year, as part of a "significant" shake up in its proposition.

The developments, which are set to be rolled out to members and employers in early summer 2024, aim to underline the scheme's efforts to help everyone save for a more financially secure future, adding more choice, flexibility and functionality for members.

The measures include the launch of a new mobile app to make it easier for members to manage their pension savings, providing access to information and functions including payments and transfer support.

The app will also provide members access to a free pension consolidation service, so they can find and combine multiple pension pots with Now Pensions.

Alongside the app, the group announced that it will be updating its online portal for employers and payroll bureaus, to allow greater integration with their existing payroll set-ups and greater functionality for member verification, matching and adjusting contributions.

It will also be introducing new investment choice to complement the default option.

Now Pensions highlighted recent investments in technology as a key factor in delivering these developments, confirming that it has appointed TCS as its new administrative and technical partner from 2024 following a strategic review of the market.

Now Pensions CEO, Patrick Luthi, stated: “UK pensions provision has to evolve and prioritise members’ needs for accessible solutions which are easy to understand and use.

“We’ve invested a huge amount of time and effort to ensure our platform is fit for the future and can serve a growing membership who choose Now Pensions, including thousands of employers and millions of savers, while also supporting wider consolidation in the DC market.

“The result is a high-performance proposition which puts pensions in the palm of people’s hands through a modern, secure and flexible experience.

“These upgrades combine simplicity for clients who are new to pensions with sophistication for larger employers who want flexibilities that go beyond their current provider.”

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