LifeSight wins Innovation category at Pensions Age Awards
London, 09 March 2018 – LifeSight, Willis Towers Watson’s UK defined contribution (DC) master trust, was named winner of this year’s Innovation award at the Pensions Age Awards. The Innovation award aims to recognise providers that have truly added value to the pensions industry with their originality and innovation. The judges felt that LifeSight stood out from the rest for combining a personalised approach with innovative tools to help members engage with their retirement savings earlier in their working lives.
The ageOmeter, a tool that calculates the age at which an individual may be able to afford to retire, was the focus of LifeSight’s entry. In today’s changing pensions landscape, especially in light of the ageing workforce, being able to provide members with an accurate view of when they might be able to retire gives them a better understanding and reason to engage with their pension saving. The ageOmeter captures the attention of the individual with an individual message that is compelling and easily understood.
David Bird, Head of Proposition Development said: “It is fantastic to be recognised by the industry for our new ageOmeter tool which is specifically designed to take a fresh, engaging approach to retirement planning and savings. We know that people find it difficult to clearly see the link between their savings and the age at which they could retire, and the impact they could have on their retirement age by making changes to their contributions or investments. This has always been a tough nut to crack but our tool helps people have a clearer understanding of their financial situation to help them plan for retirement.”
The innovative approach by LifeSight lets individuals see the impact their savings decisions could have on their ‘LifeSight Age’ in real time at the touch of a button. The tool is available through a member’s personalised, online account and helps scheme members easily digest complex concepts and understand what they can do to change their outcome through their saving decisions.
Bird continues: “Beyond the ageOmeter, LifeSight uses various other tools that show our commitment to innovation as a way to enhance member engagement. We use multi-channel communications such as targeted print, personalised ecards and videos. Innovation is at the core of everything we do and we believe it is the key to helping people understand the importance of consistent long-term saving. We are therefore delighted to have been recognised in this field.”