Aegon has launched personalised animated video summaries for its members, in a bid to boost engagement.
The summaries went live for members of its personal pension plans on 26 September, and will be available for its occupational pension and master trust members from January next year.
The videos are around three minutes long, and include ten sections which reference lifestyle targets including: age, pot values and investment status.
There are more than three million unique script and scene variations, which were built and developed using data and gamification techniques. Behavioural science insights were also used to help shape the design, language, sounds and features.
Since its launch, 530 members have viewed the videos, and 120 have used the gold planner function which helps work out what income they are targeting in retirement. Meanwhile, 60 savers have switched their investment strategy and a further 40 have consolidated their pots.
The videos are available to access online at any time but also delivered by email ahead of members receiving their annual statements.
Aegon workplace business managing director Linda Whorlow said: "We're always on the lookout for creative ways to engage and inspire members when it comes to pensions.
"Developments like this will help to capture their attention and hopefully motivate them to take their savings for retirement seriously.
"Feedback from real members was fundamental to the design and animation of these video summaries and we hope that they help to bring our members' pension savings to life."
The news comes ahead of the launch of the Pensions and Lifetime Savings Association's retirement living standards which will launch tomorrow (17 October), to help members engage with their pension.
The lack of clarity from HM Revenue and Customs (HMRC) on guaranteed minimum pension (GMP) equalisation is “no excuse” for stalling implementation, says Aon.
The Department for Work and Pensions (DWP) has launched a consultation setting out proposals for the adoption and launch of simpler annual benefit statements. Holly Roach reports
There is still no available guidance for trustees on how to incorporate cyber security risks in their investment and stewardship processes, according to NEST.
The quality and availability of data is the “weakest link” for the pensions dashboard, according to the Society of Pension Professionals (SPP).
HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.