Digital solutions increase pension member engagement by 30%

Using digital solutions with pension members can increase their engagement to between 30 and 40 per cent, according to analysis by Buck.

Buck collected data from over 165,000 members who had online, real-time access to their scheme benefits through Buck’s digital portal and animated summary tool.

It found that engagement increased to between 30 and 40 per cent of members when using these digital solutions, compared to the industry average of around 10 per cent.

Buck noted that schemes that had adopted digital solutions for members saw a “dramatic” rise in member contributions within three months of launching the solution.

It typically saw contribution rates double, with some cases showing an increase of over 130 per cent.

“Member engagement has always been a challenge for schemes. In the last year, many members have moved into a more physically isolated environment, meaning the quality of member communications is more important than ever,” commented Buck UK head of outsourcing, Lee Cook.

“And effective technology has been the lynchpin in enabling employers to continue to deliver on the social contract.

“Digital solutions that involve members and ‘nudge’ them towards interacting with their pension are a huge step forward in engaging individuals, both at the day-to-day level and in conjunction with any specific exercises schemes may aim to undertake.

“The tangible success we’ve seen using Buck’s animated pension summary tool with our clients is demonstrated by the increase in member engagement, rise in contributions, and decrease in the risk of under-funding.”

Buck developed its animated DC pension summary tool in conjunction with its financial technology partner, EV.

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