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:
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:
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.
PwC | Senior manager, PwC United Kingdom
Tel: +44 (0)77 7366 6671