PFA Pension is determined to make it easier for customers to relate to pension matters. The Network Partner has introduced a single figure that shows the strength of an individual’s savings. This figure is called the Pension Estimate, and it is now available directly on line.
PFA Pension is determined to make it easier for customers to relate to pension matters. The Network Partner has introduced a single figure that shows the strength of an individual’s savings. This figure is called the Pension Estimate, and it is now available directly on line.
Using PFA’s Pension Estimator, individuals can calculate their Pension Estimate, which shows what percentage of their current income they can expect to have available on retirement. A Pension Estimate of 80, for example, indicates 80 percent of their current net income. PFA recommends, as a starting point, a Pension Estimate of between 70 and 80. For most people this will be enough to ensure a financially secure and comfortable retirement.
Why the Pension Estimator?
As Denmark’s largest pension company, PFA feels an obligation to develop solutions that encourage people to think about their pension plans, and create better harmony between pension payments and retirement expectations. The Pension Estimator makes this easier, and sets new standards for the industry, while helping to provide customers with the best possible advice.
Recognition for success
Between its launch in mid-November 2012, and mid-April 2013, the Pension Estimator at pensionstallet.dk attracted almost 177,000 unique visitors. Over 130,000 Pension Estimates had been calculated on the site up to early May. In recognition of this success, PFA Pension was awarded a DIA (Danish Internet Award) for the Pension Estimator in the “Financial Services” category.
The jury stated:
“Analyses from Millward Brown show that the level of involvement in the area of finance is very low. This is why the jury is full of admiration for this particular winner. The digital feature itself is perhaps not ground-breaking, but the workmanship is very good and it is brilliantly executed. Furthermore, the digital effort has been the driving force in terms of getting more than 100,000 people in Denmark to spend almost 15 minutes on average on something that is usually almost impossible to engage them in.”
Embedded in the advisory process
The Pension Estimator is also built-in to PFA's personal pension consultations, regardless of the advice channel. This means that customers only need to relate to a single figure, which gives them a picture of their income during retirement. This figure follows the customer over time and clearly shows the effect of additional savings. In this way, the Pension Estimator can also help to highlight pensions as a valuable part of the pay package.
The Pension Estimator illustrates PFA Pension’s ambition to convert knowledge into value for customers by transforming complex decisions into clear and relevant choices.