Double award success for helping solve the nation’s finance challenges

Legal & General’s workplace pensions business and the ‘Fintech’ company SalaryFinance, have just been named as joint winners of Workplace Savings and Benefits ‘Benefits Innovation of the Year’ awards.

Legal & General’s workplace pensions business and the ‘Fintech’ company SalaryFinance, have just been named as joint winners of Workplace Savings and Benefits ‘Benefits Innovation of the Year’ awards. 

The judges said that two of the main personal finance challenges facing Britain today were getting people out of debt and getting people saving for retirement.

SalaryFinance is a Fintech business which helps over half a million people by offering financial education, tools, products and services, including low interest loans, with a view to helping people start saving.

Debt is a very real problem in the UK. The Money Charity says that people in the UK owed a staggering £1.592 trillion at the end of June 2018. This meant that the average household debt was £58,540.

Last year Legal & General invested in SalaryFinance’s workplace platform, and supported the business as the number of employees on the platform increased from 90,000 to 600,000 in eight months.

The award judges praised SalaryFinance for “bringing something new to the market” with its payroll-deducted loans and commended its partnership with Yorkshire Building Society which “helps employees currently struggling to save”.

The joint award winners were the workplace pensions team from Legal & General Investment Management. The judges said that the team had “done amazing work in engaging pension schemes members through personalised benefit statements which encouraged them to save more for their retirement”.

Legal & General now have 2.9 million members on its workplace pensions platform. Many of these people are completely new to having their own retirement savings fund and online access helps them view and manage their pension savings quickly and easily. A range of online educational tools help scheme members understand how they can make the most of their savings as they get closer to retirement.

These are just two of the ways that Legal & General are using technological innovation to help customers engage with financial services. We are dedicated to ensuring that financial services products and services are available to the widest possible group of consumers through digital applications.

This includes our SmartQuote solution which uses technology and smart data to produce household insurance quotes in approximately ninety seconds, after asking just five questions.

LGIM had done amazing work in engaging pension schemes members through personalised benefit statements which encouraged them to save more for their retirement.

Judges' Comments on Benefits Innovation of the Year Selections

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