• Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  • Events
  • Whitepapers
  • Spotlights
  • Digital Edition
  • PPTV
  • Newsletters
  • Sign in
  •  
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
    •  

      You are currently accessing ProfessionalPensions via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0) 1858 438800

      Email: [email protected]

      • Sign in
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Subscribe
  • Events
    • Upcoming events
      event logo
      Defined Benefit Consolidation Conference

      Professional Pensions is hosting this concise digital event on the 25th March to provide a crucial update on where the current regulation stands on DB Consolidators, assess the different models available, what the expected funding levels are and the governance requirements. This event will be a combination of short presentations followed by live Q&A’s with our expert speakers allowing plenty of time to answer your questions.

      • Date: 25 Mar 2021
      • Digital Conference
      event logo
      Defined Contribution Conference

      Professional Pensions Defined Contribution virtual event, hopes to take stock of the last year, and ask the important questions; are members saving enough and have we improved the member journey at retirement? This two part digital event will provide you with the latest thinking and innovation in the DC market during our snappy 15 minute presentations, with plenty of time to ask questions during our live speaker Q&A.

      • Date: 20 Apr 2021
      • Digital Conference
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      event logo
      UK Pensions Awards 2021

      The UK Pensions Awards – now in their 24th year – remain the industry's most prestigious accolades. They shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members, and have done the most to improve this over the past year.

      • Date: 14 Sep 2021
      • London
      View all events
      Follow our Professional Pension Events

      Sign up to receive email alerts about our events

      Sign up

  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Spotlights
  • Digital Edition
Professional Pensions
Professional Pensions
Sponsored by T. Rowe Price
  • Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
  •  

    You are currently accessing ProfessionalPensions via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0) 1858 438800

    Email: [email protected]

    • Sign in
  • Industry

Seven ways to assess engagement among workplace pension members

The pensions boredom threshold is crossed when pot sizes exceed £5,000
The pensions boredom threshold is crossed when pot sizes exceed £5,000
  • PP Online
  • 12 September 2018
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
0 Comments

For those that don't know, this week is Pension Awareness Week. But, while we are all working hard to improve engagement among members, what are the key metrics of success? Here are seven measures to consider…

Pensions Awareness Week is a campaign to raise awareness of retirement planning across the country. It's organised by Pension Geeks and Scottish Widows, and supported by the financial services industry, businesses, employers and the Department for Work and Pensions. The campaign culminates in Pension Awareness Day on Saturday.

As part of the campaign, the Pension Awareness Campaign bus is currently touring six major UK cities - giving people access to free help and information from a team of on-board pension experts.

But, while the industry is working hard to improve the level of pension knowledge and engagement among scheme members, what are the key metrics of success?

Hargreaves Lansdown has developed seven measures which it uses to assess engagement among workplace pension members. These metrics are as follows:

  • Contributions: are members electing to pay more than the minimum level set by their employer?
  • Investment choice: do members change where their pension is invested?
  • Pension transfer in: does a member choose to transfer old pension schemes into their workplace plan?
  • Additional account: do members opt to save and invest alongside their pension, often for goals that are closer than finishing work?
  • Online access: have members registered to view their pension online?
  • Log-in: have members logged into their online account to view their pension in the last year?
  • Death benefit - has the member nominated who they'd like to receive their pension pot if they die?

Hargreaves Lansdown says it deems members to be engaging with their workplace pension if they have satisfied at least one of these criteria.

The pension boredom threshold

The financial service firm also identified a ‘pension boredom threshold' - the size of pension pot above which members become increasingly engaged.

It said half of its workplace pension members with less than £5,000 saved are engaging with their plan - but notes that this leaps to over three-quarters of those with £5,000 to £10,000 saved. As such it has identified £5,000 as the pension boredom threshold for its savers.

Hargreaves Lansdown senior analyst Nathan Long: "We know relying on auto-enrolment (AE) alone, with contributions of 8%, is not enough; the question is what can be done about it? The review of AE came and went without pushing contributions higher. Expecting any change on this in the short term looks hopeless given the Brexit backdrop and the sensitivities the current government might have to increasing employers' costs.

"Bridging the shortfall instead relies on people being nudged, cajoled and enticed into taking a greater interest in their own retirement planning. This doesn't mean everyone needs a PhD in pensions, they just need to start off small by registering to view their account online and checking how much they are paying in. Boosting engagement requires regular, targeted communications across digital, post and face to face, meaning it's not easy but can be done."

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Industry
  • Communication
  • Pension Awareness Day
  • Pension Awareness Week
  • PAD
  • Hargreaves Lansdown
  • nathan long
  • engagement

More on Industry

Perspective DocWatch (legislation and regulatory materials) - February 2021

Pendragon's Perspective information service provides pension advisers and practitioners a comprehensive and up-to-date library resource to help them keep on top of the legal and regulatory change affecting the industry. In this update, they list the documents...

  • Industry
  • 08 March 2021
Professional Pensions rounds up some of the latest research from across the industry for International Women’s Day 2021.
IWD 2021: The pensions gap, equal retirement prospects, and the Covid burden

Professional Pensions rounds up some of the latest research from across the industry for International Women’s Day 2021.

  • Industry
  • 08 March 2021
Have your say: Did the Spring Budget broadly hit the right notes with regards to its approach to pensions?

In this week's Pensions Buzz, we want to know whether you think last week's Spring Budget broadly hit the right notes with its approach to pensions.

  • Industry
  • 08 March 2021
 LCP noted the government’s current borrowing strategy is tilted towards fixed gilts
Change in government borrowing policy 'could boost pension funds and save taxpayers billions'

A change in the government’s borrowing policy “could boost pension funds” and “save taxpayers billions”, according to Lane Clark & Peacock (LCP).

  • Industry
  • 08 March 2021
Briggs: 2020 was a landmark year for Phoenix
Phoenix concludes £2.5bn of bulk annuities after £730m buy-in with own scheme

Phoenix Group completed £2.5bn of buy-ins and buyouts over the course of 2020, including a bulk annuity deal with one of its own schemes.

  • Industry
  • 08 March 2021
blog comments powered by Disqus
Back to Top

Most read

Spring Budget 2021: Lifetime allowance freeze, flat rate of tax relief and AE review among expectations
Spring Budget 2021: Lifetime allowance freeze, flat rate of tax relief and AE review among expectations
Spring Budget 2021: Lifetime allowance frozen until 2026
Spring Budget 2021: Lifetime allowance frozen until 2026
KPMG employer covenant team acquired by private equity firm H.I.G Europe
KPMG employer covenant team acquired by private equity firm H.I.G Europe
DB funding - February 2021: Gilts-plus deficit eliminated, says PwC
DB funding - February 2021: Gilts-plus deficit eliminated, says PwC
Spring Budget 2021: Government to consult again on DC investments and charge cap barriers
Spring Budget 2021: Government to consult again on DC investments and charge cap barriers
Trustpilot

 

  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading