May 11, 2021

The Latest News from across the UK

Aegon UK rolls out workplace pension online insights tool

Aegon UK have now rolled out their new Member Insights tool, which empowers employers and corporate advisers to give workplace pension schemes a health check, meeting their workplace governance responsibilities.

Aegon’s dynamic governance solution provides detailed insights and scheme analysis so employers and their advisers have the essential information at their fingertips to make scheme decisions with confidence.

The easy to understand graphs and charts and downloadable report can be saved and shared to support governance and adviser meetings.

Aegon worked with various consultancies, advisers and employers to understand what would help them deliver good governance and then employed an iterative usability testing approach.

Member Insights is available to all Aegon Workplace Aegon Retirement Choices (ARC) and Group Personal Pension (GPP) schemes. TargetPlan schemes including Aegon Master Trust clients will get access to this tool in 2020.

Member Insights helps to manage scheme health

Using Aegon’s Member Insights digital tool, employers and corporate consultants can see scheme specific critical information such as:

  • fund performance, service standards and member outcomes
  • detailed information about members’ savings levels and potential retirement income
  • the levels of engagement scheme members have with their retirement savings

It also enables them to put insight into action by launching targeted email campaigns to the entire scheme membership or specific segments of the membership across a range of topics, setting it apart from other solutions on the market.

These targeted communications help steer members in the right direction and improve member outcomes.

Linda Whorlow, Managing Director of workplace business at Aegon, commented:

“Employers will understandably be feeling stretched and overwhelmed by the coronavirus crisis, as will their employees. But we would urge them not to neglect their pension scheme or put the health of the pension scheme at risk. In fact, scheme health is more important than ever, and good governance is a key component to fantastic scheme health.

“Employees might have made some hasty decisions about their pension contributions in the early days of the pandemic as they faced uncertainty. But a pension forms part of an employee’s overall benefits package and employees shouldn’t underestimate the value of their workplace pension.

Aegon’s Member Insights tool can help employers carry out a scheme health check.

Whorlow continues: “Good scheme governance is a priority for all employers. It’s also a challenge in terms of efficiency and there are a lot of parts to consider. Most governance committees need to ensure they have the right expertise, clear accountability, measurable targets and objectives for their scheme, robust data and insights to assess trends.

“Member Insights does the hard work for the employer and gives them access to most of those things and goes a long way to solving the challenges around effective scheme governance. It’s a great tool to monitor scheme health now and in the longer term.

“Our mission is to help people achieve a lifetime of financial security, this governance tool helps encourage engagement and maximized outcomes for members, which helps us deliver on our mission.”

View the Member Insights demo