Survey: FTSE 350 Defined Contribution Pension Survey 2020
Willis Towers Watson has released the 15th edition of its FTSE defined contribution (DC) Pension Scheme Survey, and the fifth coverage to the FTSE 350.
The survey was undertaken at the beginning of the COVID-19 pandemic and so the longer-term effects on DC provisions will not be known for some time. As such, these results reflect relative consistency and stability since the previous survey. The high contribution levels from last year that were driven by the raising of auto-enrolment minimums have been maintained and there is little evidence of major changes in plan design.
- There has been a slowdown in scheme changes. However, there is still evidence of Plan sponsors looking to consider the vehicle they use for their DC provision.
- Financial wellbeing continues to be an area of importance for organisations, and seems to be most prevalent amongst those that have adopted bundled solutions; master trusts in particular.
- The implementation of ESG has been firmly on the agenda with many looking to incorporate this into the default or seeing it delivered through adding more self-select options.
- FTSE 350 companies are looking to review the services that are made available to members, particularly in the run up to retirement, thereby further improving member outcomes at the point of access.