Track My Pension is available to UK occupational pension schemes administered by the consultancy and enables members to view their current fund value, projected benefits, latest transactions and the performance of their funds.
Steve Kortens, senior consultant at Towers Watson, said: ‘As pension decision making is increasingly being placed in the hands of the individual, it makes sense for members to have key pieces of information about their retirement savings at their fingertips.
‘This is why the Track My Pension app is so useful, as it delivers just the relevant information a member requires on a real time and personal basis. As such, we hope it will not only help make members' lives easier and improve their decision making but also encourage greater engagement and participation in pensions.’
Several of Towers Watson’s clients are already using the app, which interacts with members’ data on the company’s pension administration system.
Mr Kortens said the technology represented a natural progression from Towers Watson’s ePA web technology, which allows members to change their investment options.
‘Online administration was already a big step forward from the days when members relied on statements sent through the post, but we are now moving to a world where DC information is available to members on the move at any time as well as through the traditional communications that they receive,’ he added.
The Apple-approved app is currently available to iPhone and iPad users, with an Android version due for imminent launch.