Fidelity announced Thursday the launch of an online pension tool that allows corporate pension plan participants to set up their pension payments in a three-step process.

In the Collect Your Pension tool, participants can use a modeling tool to determine the best payment option for them based on their retirement date and beneficiary choices.

The next step requires participants to identify where they want the money to be deposited. Those who choose an annuity are prompted to enter tax withholding information and bank account information. Those who elect to take a lump sum can choose to take a taxable distribution, or can roll the assets into an IRA or 401(k).

Also, pre-retirees can sign and submit their documents electronically.

Wendy Foster, senior vice president at Fidelity Investments, noted in a statement that for the nearly 3 million boomers who will turn 65 this year, this may be the first time they've thought seriously about their pension.

"Some are unclear which payment option best suits their needs. They may not realize that the decisions they make are irrevocable or that some employers allow the pension initiation process to begin six months in advance of retirement," Foster said.

Fidelity representatives are available to participants who choose to take a lump-sum distribution to help them retirees develop a holistic retirement income strategy. Representatives consider all of a participants assets including 401(k)s, pensions, IRAs and other accounts.

“As a retirement leader in the financial services industry, we are determined to assist workers at this critical juncture by providing key educational tools that will help them make the best financial decisions for their circumstances as they transition into retirement,” Foster added.

Under the Collect Your Pension tool, participants can also access educational materials that provide information on the basics of pension payments, as well as common concerns associated with retirement, like outliving savings and passing money on to heirs. Also featured is a video, checklist and links to calculators and other planning tools.