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Yesterday's launch by the Pensions Policy Institute (PPI) was a catalyst for rethinking how we approach pensions engagement in the UK. Their independent research report, 'What could effective pensions engagement look like?' sparked thought-provoking questions. A standout moment for me was the unanimous agreement on the crucial need for consistency in language and frameworks across the pension industry. This isn't just an industry concern – it's a societal imperative. We all have a role to play in fostering a more accessible and understandable pension landscape. Financial education emerged as a key player in this transformative journey. It's high time we prioritise financial literacy from a younger age. The report highlighted the importance of equipping individuals with the knowledge to navigate their pensions effectively. Moreover, the discussion underscored the significance of guidance and advice once individuals gain access to their pensions. This is where collaboration between policymakers, industry experts, and society becomes paramount. We must ensure that the tools and support systems in place are empowering individuals to make informed decisions about their financial future. The dialogue has started, and it's up to all of us – industry professionals, policymakers, and society – to continue shaping a future where effective pensions engagement is a reality for everyone. #PensionsEngagement #FinancialLiteracy #FutureofPensions #PolicyInnovation #pensions

As The Pensions Regulator's new code of practice comes into force, industry experts such as Quietroom are making it clear — pension schemes need to up their communications game; especially establishing how to communicate effectively with vulnerable customers. The first step is getting your existing data in order. Reach out to discuss how LexisNexis Risk Solutions can help you begin that journey. #Pensions #Trustees #PensionCommunications

Almost one in three (32%) defined benefit (DB) pension scheme trustees have seen costs rise by over 50% in the past year, according to our latest research. In our survey of 100 trustees, many highlighted actuarial services, technology and data services, and covenant services as expenses that had increased the most. The survey also revealed that almost all (99%) trustees found the pace of new regulations a major challenge in the past year, with ESG-related regulations, such as TCFD reporting, named as the most challenging. Difficulty accessing different asset classes poses an additional challenge to almost a third (29%) of trustees, alongside pensions dashboard readiness (24%) and covenant negotiations (23%). Read the findings in full: https://lnkd.in/ehrzh3xB #db #pensions #endgame #consolidation

As The Pensions Regulator's new code of practice comes into force, industry experts such as Quietroom are making it clear — pension schemes need to up their communications game; especially establishing how to communicate effectively with vulnerable customers. The first step is getting your existing data in order. Reach out to discuss how LexisNexis Risk Solutions can help you begin that journey. #Pensions #Trustees #PensionCommunications

Evaluating client relationship management in pensions administration: going beyond the surface In this article, Client Director Daniel Taylor outlines the key service indicators trustees should consider when evaluating client relationship management in pensions administration. The assessment of Client Relationship Management (CRM) often leans towards the subjective, hinging on personal connections and rapport. Drawing from extensive experience in provider reviews, the article introduces key metrics such as client density, experience, reporting structures, tools, and client satisfaction. This nuanced framework moves beyond personal preferences, providing decision-makers with objective criteria to assess the effectiveness of CRM in pensions administration. Read more: https://lnkd.in/eJ-6VuVd #Pensions #PensionScheme #Trustee #PensionFunds #FinancialServices #PensionsUK #FinalSalary #DBPension #DCPension #ProfessionalTrustee #PensionTrustee

PwC Virtual Ideas Exchange - Pensions Horizon 2024: Navigating Change in Funding, Regulation, and Risk Transfer There’s still time to register for our latest VIE which will take place on 19 March. I will be joined by John Dunn Katie Lightstone and Dweenisha Caleechurn from PwC, as well as guest panellist Lynne Rawcliffe from Law Debenture. Our panel will look to discuss the implications for pensions strategy emerging from: The plethora of pension reform in 2024, from the new funding regulations laid in January, the new general code and the recent consultation on Options for DB schemes; A perspective on the Spring budget and what might lie ahead from the upcoming general election and; Risk transactions trends for 2024 covering changes in the market and providers, with insights from our recently completed transactions including the £2.7bn full scheme buy-in for Thales. Sign up to attend below. https://lnkd.in/e7_w4ign #pensions #VIE #funding #risktransfer #springbudget

The results are in! 385 of you completed our 2024 Pension Service Review survey, an annual satisfaction survey canvassing the opinions of financial advisers and measuring the importance of seven categories of service, including Provider strength and brand, Product and proposition, and Pension freedom servicing. Some of our key findings include: - Personal pensions, SIPPs and drawdown plans remain the most popular pension product options - On average, advisers are placing business with 4.25 providers, an increase from 2022 when the average provider count was 3.9 - In 2023, Royal London retains its top position as the most recommended pension provider - In the ranked order of importance, Product and proposition and Pension freedom servicing are once again the top two categories for advisers - Industry satisfaction has declined for all categories by an average of 8%, and for some by as much as 11% For more key findings, and to read the full report, download here: https://bit.ly/49epvFm #financialadviser #pensions #servicereview

🤞 Hoped that pensions dashboards might be dropped? 🤔 Wondering what to do now that it's back on the pensions table? 💡 If so, join us on 15 April 11am where you will hear from our pensions dashboards specialists on what your next steps should be. Further details and sign up below. https://lnkd.in/ehmVVFkG #pensions #dashboards #knowledge

The latest article in our Excellence in Endgames series is live! It considers the power of quality data to unlock your pension scheme's future. With many pension schemes looking towards buy-out or wind-up in the next decade, maintaining quality data is crucial for achieving success. Robust data drives smoother operations, improves member satisfaction, and strengthens trust with insurers. Whereas inadequate data results in wasted resources, holdups, and higher expenses... Take proactive steps by reviewing your data now to ensure your scheme is well prepared - check out our comprehensive five stage strategy in our article here https://okt.to/Vj9pUd #Pensions #DataQuality

As The Pensions Regulator's new code of practice comes into force, industry experts such as Quietroom are making it clear — pension schemes need to up their communications game; especially establishing how to communicate effectively with vulnerable customers. The first step is getting your existing data in order. Reach out to discuss how LexisNexis Risk Solutions can help you begin that journey. #Pensions #Trustees #PensionCommunications