Research: Defined Contribution Member Survey 2016
The focus of Aon’s research was “Helping your members achieve their goals”. It surveyed more than 2,000 defined contribution members to understand their views on retirement income, planning for their retirement and pension concerns.
- Average contributions have fallen from 15% in 2014 to 12.7% in 2016.
- Around 43% of respondents strongly follow their employers lead when it comes to pensions, with 62% saying they will rely on their company pension financially.
- Millennials were found to have the least understanding of pensions, but the most trust in them. They were also twice as likely to seek advice online.
- One in four respondents have no idea what income they need to maintain their standard of living.
The report looks at five ways in which employers can try to improve member outcomes.
G – Gain trust
O – Offer support
A – Allow for diversity
L – Loud and clear
S - Strategy