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Survey Report

Technology: The development of technologies to support the delivery and management of DC pension arrangements

Pension Board and Trustee Consulting|Pensions Corporate Consulting|Retirement
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August 31, 2019

Chapter four of the FTSE 350 DC Pension Survey 2019.

Member facing tools

The vast majority of schemes offer an on-line communication portal, including modelling tools. Most are delivered using the provider’s standard functionality, whether that be the third-party administrator or bundled provider. However, a reasonable proportion of employers, a quarter, deliver some aspects of this through a bespoke website.

Offering a member-facing on-line portal is only half the battle. The key to success is engaging and motivating the member to change their behaviour and take action to improve their position.”

Emma Starbrook
Senior Director, Communication & Change Management Team

Fewer than a third of employers offer a financial wellbeing portal, although these are most evident where the employer has a contract-based scheme. This is perhaps an area where the importance of having an organisation specific approach is more important.

For example, in the wellbeing area, employers will often have multiple service providers covering the various benefits on offer, and one provider’s website will not link everything together satisfactorily. Instead, an approach that is tailored, flexible and agnostic to providers may be the way forward.

 

Employer and Trustee facing tools

It does not appear that pensions has caught-up with the information age. 80% of schemes are still relying on static governance reporting. There is very little evidence of on-demand real-time reporting being used, although we are beginning to see this type of functionality being developed and launched by some administrators and providers.

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Online support for members

Next Chapter: How to support members with their “at retirement” choices

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Senior Director, Retirement

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