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Report: Better member outcomes key objective for DC schemes
The report, Aon Defined Contribution DC Survey 2015, canvassed the views of more than 300 DC pension scheme managers, trustees and sponsors to assess the impact of the rate of change in DC pensions.
More than half (57%) of respondents cited better member outcomes as an objective in their business plan but are struggling with the practicalities of delivering on that. The report suggests this can be overcome with closer measurement and monitoring of member outcomes as well as better engagement with members – the latter an important part of DC scheme management.
DC member research undertaken by Aon with Cass Business School in 2014 showed that more than a third of members expected to make the decision about how to take their retirement income themselves or just with the help of family and friends.
The report suggests that now is a great time to engage with members since they are showing more interest in pensions than usual. “As an industry we need to capitalise on the publicity that DC pensions are getting, in order to help members help themselves towards those elusive better member outcomes,” says the report.
Download the fully survey from http://insight.aon.com/UK_2015ARSFORM-DCSurveyregs
This article was provided by Aon Employee Benefits.
