Member engagement exercises

Treating pension scheme members as consumers to maximise the quality of engagement and impact of member options.

Consumer preferences and behaviour are evolving rapidly - pension schemes need to keep pace

As market-leaders in member options and benefit change for pension schemes, we have seen considerable change in these exercises over the years. However, the rate of change in the behaviour and preferences of pension scheme members is accelerating like never before. Technological change is affecting member attitudes and expectations, affecting all aspects of business and society as a whole.

Pension schemes need to adapt by treating members as consumers and by taking account of developments in the wider environment. This is critical to ensure:

  • Members receive options that are attractive and their take-up supports the sponsor’s objectives to reduce cost and risk;
  • Employees understand and value the retirement benefits being provided;
  • Communications achieve the aim of being both engaging and accessible to the target audience;
  • The implementation and communications process ensures members fully understand their benefits and options, reducing the risk of individuals later feeling they made a bad decision.

Using consumer research to help you adapt to changing attitudes and focus on your members

PwC has carried out extensive research on consumer behaviour, generating powerful insights around preferred retirement benefits and how best to generate member interest and develop their understanding.

We have found that the needs of upcoming retirees are significantly different to current pensioners and, importantly, traditional benefit offerings and communication channels are no longer fit for purpose. Our research covered the following areas, considering member preferences and the trade-offs they would be willing to make for an alternative benefit:

  • Empowerment - providing choice in benefits and their delivery;
  • Flexibility - ongoing ability to adjust benefits;
  • Trust - benefit security and transparency;
  • Communications - preferred channels and media to generate initial engagement and then develop a deeper understanding;
  • Convenience - optimising the implementation process and ongoing monitoring of benefits.

We support our clients by combining these global insights with focused research on their individual member populations, creating a bespoke implementation plan that meets the needs of members, sponsors and wider stakeholders.

PwC has the data and insights required to help you adapt and maximise value from your benefit offerings.

Contact us

Stuart Bradbury

Stuart Bradbury

PwC | Senior manager, PwC United Kingdom

Tel: +44 (0)77 7366 6671

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