Scottish Widows has teamed up with JLT Online Benefits to offer a range of new and enhanced tools for its mymoneyworks workplace savings platform.
The provider has developed a new online pension planner tool which enables employees to forecast how much they may get in retirement.
It also allows customers to evaluate the individual impact of delaying retirement, increasing pension contributions and how investment choice is likely to affect investment returns.
Widows managing director of corporate pensions John Taylor says: “The new suite of tools continues the evolution of mymoneyworks based on feedback from those who are already using it.
“The platform is already available to over 10,000 employees across several organisations and we expect that number to double to 20,000 in the coming months.”
Widows has added four new calculators to the online platform to expand the proposition beyond pensions. The calculators enable users to compare mortgage options, the merits of loans versus credit cards and the time it will take to reach a savings target.
Employees can also view their overall budget based on the data they have input into the system.
Bestinvest senior investment adviser Adrian Lowcock says: “I think that developments like online tools and calculators will help engage people in long-term saving. These sort of propositions are going to continue to grow, particularly in the build-up to auto-enrolment and the RDR.”