Pension planning is one of the most important steps an individual can take to help them prepare for retirement. But encouraging your members to be actively engaged in this process is notoriously challenging. Providing them with a clear view of the last 12 months of pension contributions, as well as allowing them to track their progress towards meeting their retirement goals can help.
Are your defined contribution (DC) scheme members on track to meet their retirement goals?
Our animated pension summaries provide a real-time, personal overview of a member’s current position, with a nudge to our DC retirement modeller so they can take a closer look and check if they’re on course to meet their financial retirement goals.
Delivered in video form, as a supplement to traditional paper statements, members have anytime-access to an animated and up-to-date summary of their pension pots. If they aren’t on track to meet their goals, the tool also provides recommendations for simple changes so they don’t miss their retirement targets.
Offering your members animated pension summaries can increase engagement in the pension planning process. The tool helps to:
As retirement approaches, available options are presented using the member’s own data, making each scenario meaningful and enabling informed decisions to be made.
Using each member’s personal data, our summaries confirm where they stand from a retirement readiness perspective. And modellers allow them to see in real-time the impact potential changes could have on long-term projections.
Our digital solution is designed to involve members and incorporates small behavioural ‘nudges’ to encourage interaction with their pension.
While traditional benefit statements have been tied to strict distribution schedules, our solution can be issued at any point in the year. This allows your scheme to use the tool to support any communications exercises, and ensures members have the ability to stay on top of their pension saving all year round.
Animated pension summaries in action: Multinational chemical company
Previous provider wasn’t proactive enough in delivering new digital solutions.
Appointed Buck to launch enhanced technology proposition, including animated summaries and modelling tools.
With multiple views, animated summaries helped increase engagement, nudging members to the full modeller for a more detailed look at their retirement position.