JLT Benefit Solutions is the latest intermediary to bring its employee-facing solutions to smart phones, with the development of its BenPal pension modeller for use on the iPhone and iPod Touch.
The defined contribution modeller, available for download free in the iTunes App Store from 7 June, is a version of th personalised pension modelling tool available to companies who select the JLT BenPal system as their pension and benefits data management platform.
The new pension modeller app allows users to personalise assumptions and values, including adding pension plans from previous employments, and see the impact of adjusting the key variables in their control – how much to invest and when to take benefits. The results are displayed in graphical form, as annual pension and taxfree lump sum, and in a more comprehensive text-based summary. A version will also be available for the iPad.
The BenPal system enables all schemes to run in a single database, offering employers and benefit providers instant access to accurate data and MI. Employees can use the system to manage their benefits package online, says JLT.
Charlie Carrick, solutions director, JLT Online Benefits, says: “The best way to encourage UK employees to engage with their pension is to make it simple to understand and easy to access.
“With the BenPal system already available to our clients via iPhone as well as PC and laptop, the development of a modeller app is a natural progression for us. We hope it helps the wider community to appreciate that pension planning in a DC world means taking greater responsibility
and personal control, and having a bit of fun at the same time.”