Heywood Pension Tech
Engaging with pension scheme members has never been a particularly easy task. Expensive and time-consuming mail runs with statements and other key communications were the norm. These activities were one-way communications, with little to no engagement received from the members.
Many members have paid little attention to their pension arrangements and even when key decisions were required or possible, engagement was minimal. The post-defined benefit and pre-auto enrolment generation are, in many cases, heading towards a difficult retirement. It is not too late to help them improve their outcomes, provided that we can engage them.
We live in a time of profound change, with technology rapidly advancing, the uptake of digital engagement increasing and a growing awareness of the importance of pensions.
This is a trend that will continue to not only increase but accelerate. Members expect 24/7 access to accurate, current and easy-to-understand information via multiple methods. The desktop PC is becoming a rare beast; mobile devices are the default connection point for the majority.
The ability to transform the member experience is in our hands and the Pensions Dashboards will open a level of member engagement previously unseen. The convergence of increased member expectations and the ability to engage via safe and accessible technologies bring us to a critical time in the evolution of the industry.
The pensions dashboard is the starting point for a whole new set of member journeys, where key information is readily available, informed decisions can be made and administrative overheads can be reduced. It is time for the pensions industry to deliver members the level of easy engagement they have become accustomed to in banking and the wider financial services sector. The technology is already available.
Pensions are such a vital savings vehicle and by transforming the member experience, we can support good financial planning and decision-making, and change many later life outcomes for the better.
Heywood Analytics provide a range of efficient and reliable data analysis, cleaning and automation services. We put you in control of your information and help you focus on what you do best - delivering positive member experiences. To learn more about Heywood Analytics, please contact us.
David Rich is Heywood’s Head of Data Services. He has contributed to many data and regulatory initiatives, including the DWP Single-tier State Pension, Automatic Enrolment and the Dormant Assets Commission.
David also works with PASA on various panels, including the Dashboard Working Group.
