Employers keen to improve pension engagement monitoring

Just over one third (34 per cent) of employers believe that their defined contribution (DC) pension scheme needs to improve communication and engagement with members, according to research from HSBC Master Trust.

The survey found that over half (54 per cent) of DC scheme sponsor senior decision-makers believe that monitoring engagement is a priority area for improvement, with most currently using regular surveys or forums as their main method of measuring engagement.

In particular, around 41 per cent suggested that interactive member communication tools could be a specific area for improvement, while 38 per cent thought that personalised member communications and guidance on pension scams were key areas for consideration.

Commenting on the findings, HSBC Master Trust CEO, Alison Hatcher, argued that deeper scheme member engagement can act as "an important driver" of better member outcomes in support of long-term savings and retirement goals.

She continued: “It’s refreshing to see that scheme sponsors believe improvements in member engagement are a clear priority.

“HSBC Master Trust’s vision is focused on innovation with an absolute commitment to serve the evolving needs of employers, pension savers and retired members.

"Part of that includes a joined-up financial wellbeing and pensions journey for members, including a holistic retirement savings and benefits platform which is digital but backed up by personalised support.”

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