New software aims to add transparency to pensions
UK – London based technology company, 4th Contact, has developed a new software package designed to give people greater access and transparency to their pension fund by acting as third party between individuals and pension providers and asset management companies.
A spokeswoman for 4th Contact says that the software, called Working Wealth, was developed as a result of a survey it commissioned showing that only 56% of pension holders in the UK knew where their money was invested and even fewer kept a check on the returns of their investments.
“Most people tend to think that by putting so much aside each month they will be well covered for their retirement. Sadly this is not always the case,” she comments.
“The problem is the information surrounding pensions tends not to be clear and concise, rather long and full of complicated industry jargon,” says the spokeswoman, adding that the new software will also help fund administrators and asset managers communicate the value, investment strategy and performance of their funds to their clients.
“Hopefully this way people will get a clearer picture of what their money is doing and what it’ll give them in the future. And they have the opportunity to object it investment strategies they feel are not in their best interests.”