Pension professionals view improved operational efficiency and cost as the greatest benefit of artificial intelligence (AI), with all pension firms now using the technology, according to analysis from the Society of Pension Professionals (SPP).

Almost half (42 per cent) of pension professionals cited ‘improving operation efficiency and cost’ as the greatest opportunity presented by AI.

Meanwhile, 34 per cent felt that supporting member advice and guidance, or helping close the advice gap, was the key benefit of AI.

Around one in 10 believed the biggest opportunity presented by AI was either enhancing data quality and analysis (12 per cent) or improving advice quality and reducing manual error and rework (11 per cent).

Just 1 per cent of pension professionals viewed faster issue identification and resolution, such as complaints and breaches, as the greatest benefit.

“The results of this industry polling highlight that pension professionals see AI not simply as a new technology, but as a practical tool for addressing some of the sector’s most pressing challenges,” commented SPP member and partner, Helen Howell.

“While improving operational efficiency and reducing costs remain the most immediate priorities, it is particularly encouraging that so many pension professionals also recognise AI’s potential to support member guidance and help close the advice gap.

“As AI adoption becomes universal across the pensions industry, the focus is increasingly shifting from whether firms should use AI to how they can use it responsibly and effectively to deliver better outcomes for schemes, employers and members.”

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