Our research shows that more than half of savers paying into defined contribution schemes are not on track for a minimum standard of living in retirement. Last year, as part of our ongoing work to close the savings gap, we launched our first ever Innovation Forum to explore technology solutions that combat industry and societal challenges around financial wellbeing.

In collaboration with FinTech Scotland and TCS COIN (Co-Innovation Network), we invited entrepreneurs to pitch their ideas on how to improve digital literacy and financial inclusion for our customers, and were impressed by Behavioural Finance’s innovative approach to this. We’re now working with them to further develop their offering as we look to partner with them and pilot their solution through our customer brands.

This summer we’ve launched our second Innovation Forum, focusing on how to help support more women to achieve their financial goals, through financial capability and engagement initiatives that help reduce the gender pension gap over time. Research from our longevity think tank, Phoenix Insights, shows there is a significant gender pension gap of up to 40.5%, and that not enough is being done to close it – despite appetite from employers to do so.

Through our partnership with TCS COIN and FinTech Scotland, we are working with a number of  leading industry networks to raise awareness of this challenge and help drive forward-thinking applications that address the challenge of  supporting more women to engage with their financial future.

Applications are now open, with first pitches taking place in October and the process culminating in December.

To find out more about the initiative, download our applicant pack, and to apply click here.

Executive Sponsor of the scheme and Phoenix Group’s Director of Corporate Affairs and Investor Relations, Claire Hawkins, said:

“This is an extremely important issue for a huge number of people in the UK and a topic close to my heart.

“Far too many women are not saving enough to meet the income levels they want or expect in retirement and this is a tremendous opportunity to reach out to them and engage them in their financial futures so we can help them make better, more informed decisions that can ultimately lead to securing a better, longer life.

“We are passionate about improving their knowledge, confidence and capability to improve their financial outcomes in retirement. That is why we’re looking for organisations who can find creative, scalable and effective solutions to address the gender pensions gap as we look to develop and explore new ways of tackling this issue.”

Nicola Anderson, CEO, FinTech Scotland said:

"FinTech Scotland is proud and excited to be working with the Phoenix Innovation Forum on this important topic.

“Engaging and empowering citizens in their financial futures is an essential component in helping the UK build its financial inclusion ambition.  The retirement savings gap is a growing concern in the UK and the current research shows this has a significant impact on women in particular.

“Fintech innovation can change that reality, and in collaboration with Phoenix Group we believe that the time for action is now. With this new innovation forum, we hope to discover bold and transformative ideas that will enhance women's financial knowledge, improve their confidence, and grow their capabilities to achieve the future they want."