Pensions Technology

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Understanding pensions technology

Pensions technology has the potential to change the way we work, how we make choices, and help us achieve our long-term objectives – whether as pension scheme members, trustees, sponsors, advisers or even regulators and policymakers. Just as technology is transforming other industries, pensions technology can turn pensions on its head, with better decision making, closer collaboration and common platforms, advanced analytics, and smarter use of resources for all parties in the pensions landscape.

The opportunity is to finally engage with people to inspire them to plan more effectively for later  life, while enabling corporate sponsors and pension providers to do more, even though the pressure on resources is acute. Pensions technology can help solve the pensions crisis.

The bigger picture

Exciting pensions technology is evolving in every part of the pensions value chain. Big data and analytics tools are beginning to change the relationship pension providers have with members, enabling greater personalisation than ever before. Robo-advice technologies promise to make affordable pension planning and investment advice available to new constituencies.

Blockchain pioneers have begun to consider how a distributed ledger could revolutionise collections and payments, and help schemes to manage basic data. Robotic and artificial intelligence have exciting new applications in pensions administration and asset management. Mobile channels and social media could revolutionise communications.

This is just the beginning. From augmented reality to gamification, the future of pensions technology is only just beginning to emerge. If we work collaboratively today, we can transform the pensions experience for generations of savers to come.

Pensions technology for all

Pensions technology will inevitably touch the lives of each member of the pensions landscape in different ways. For trustees, the promise is reduced cost, improved governance and security, and an enhanced member experience. For scheme sponsors, pensions technology offers accurate information in real time that will empower strategic decision-making and more effective de-risking. For members, the benefits will include a much connected, direct and informed pensions experience that ultimately enables them to make much better provision for retirement.

Amid the disruption, there will be challenges and opportunities. Employers and pension providers will need to learn to work more closely with savers. We will need to confront the huge threats posed by cyber attackers and develop new standards of data security. Engaged employees will need education as they take control of their retirement planning. Some roles in the pensions industry may even prove redundant, as automation and digitisation replace manual processes, or robo-advice and AI capture market share from financial advisers and wealth managers.

Still, while pensions technology will develop in unpredictable new ways, the genie is out of the bottle. Now is the moment to harness it for the wider good.

Latest insight

Pensions Technology Survey 2018

We've looked at how pensions technology adoption is happening and being prioritised to help achieve objectives – whether you’re a member, trustee, sponsor, adviser, regulator or policymaker.

Read more

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Contact us

Raj Mody

Global head of retirement & pensions consulting and UK head of technology investments, PwC United Kingdom

Tel: 020 7583 5000

Jeremy May

Pensions Leader, PwC United Kingdom

Tel: +44 (0)7976 708256

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