
Provide your members with on demand access to their online illustrative transfer values and reduce administrative costs for your plan.
Are you doing enough to support your members in making informed defined benefits choices?
Provide your members with on demand access to their online illustrative transfer values and reduce administrative costs for your plan.
Are you doing enough to support your members in making informed defined benefits choices?
Defined benefit (DB) pension scheme members have a range of options when it comes to taking their benefits. This means that members often seek detailed information about the value of their benefits, which can be a complex process.
Our online illustrative transfer values, available through Buck’s bEngaged portal, give scheme members instant access to the value of their benefits. This not only reduces your costs but enhances their user experience, delivering an efficient and effective solution for both you and your members.
Typically, industry processes have been either manual (meaning each calculation is performed by actuaries), or complex and expensive to automate. Our online illustrative transfer value solution changes this, offering calculation and delivery options that reduce the overall cost of providing these services to your members.
Once our online illustrative transfer value solution has been launched, your members will be able to change their address and upload Expression of Wish forms directly to our portal, helping them take more ownership of their pension management.
Pension scheme members can instantly access the value of their benefits online through our bEngaged member portal, as opposed to waiting up to three months for manual calculations to be completed and sent by post.
The decisions a pension scheme member makes at retirement are some of the most significant they’ll make in their lifetime. We know the difference that can be made to people’s lives when they truly understand and take an active role in structuring their retirement plan. Our solution provides members with information and tools to best help them make more informed choices.
Online illustrative transfer values in action: Financial services pension scheme
Previously paying a fee for each transfer value calculated, ~100 transfer values a year, with a delay between request and provision of value
Launched online illustrative transfer values, providing 700 values per month, instantly available to members
Client achieved >25% annual cost saving; members now using Buck’s bEngaged portal as opposed to requesting statutory transfer values