Budget causes surge in online pension enquiries

07 August 2014

Equiniti has seen a surge in people engaging with their pensions online following the Budget announc

Equiniti has reported a surge in people engaging with their pensions online following the budget announcement in March, which brought increased flexibility to accessing pension savings.

Equiniti, which has over 850,000 members with access to self service capabilities, has seen a 2500% increase in members registering for self service in April (an increase from 500 members in March to over 13,400 members in April). The trend continued and peaked in May where over 25,000 members registered for online self service, a 50 fold increase, since March.

The number of people logging onto the site also increased from just under 500 in March to 6700 in April and over 11,000 in May.

Richard Llambias, Implementations Manager at Equiniti Pension Solutions, comments: “The very nature of pensions as a long term contract means that we would not expect members to access their online accounts frequently. On average around 500 to 1000 members access their pension each month, mostly to make routine alterations such as change of address and to view their pension investment portfolio. The Budget stimulated a significant interest in people wanting to view their pension details and we expect this interest to continue, even if it’s just an annual check and proactively updating personal details.”