Aegon has enhanced its ‘member insights’ tool, offering three new features that are aimed to give consultants, trustees and employers a better overview of the pension scheme.
This governance tool gives employers and advisers details insights and schemes analysis.
This enhancement will mean Aegon now offers a new deferred member section, which offers more detailed analysis about this section of the scheme. This will be of particular value to trust-based schemes where trustees have ongoing obligations to their deferred members.
Aegon is also offering an enhanced industry comparison section, which enables comparison to industry averages across range of different data points. There is also a new gender pension gap section, which pulls together in one place four key metrics with an age and gender split.
This member Insights digital tool was launched five years ago. It primarily allows employers and corporate consultants to see scheme specific critical information including : fund performance, service standards and member outcomes and detailed information about members’ savings levels and potential retirement income.
This tool also enables them to act on this information by launching targeted email campaigns to the entire scheme, or to specific members of a scheme. Aegon says its member insights campaigns have already achieved engagement rates of over 40 per cent — well above the industry average.
Aegon director, client & partnership development Nick Roy says: “Good scheme governance is a priority for all employers. This can be hard work and time consuming for all involved, however the support offered through this innovative tool can make this so much easier.
“Aegon’s enhanced member insights tool does a lot of the heavy lifting for the trustee board and employers, but more importantly offers a deep and detailed view into how their members are contributing to and engaging with their savings.
“This insight makes the challenge of around effective scheme governance much more manageable.
“This is just the first set of deliveries as part of a series of ongoing enhancements – with more to come that will enhance member insights and add value to our overall workplace proposition.
“We are focused on making pension savers experience easier and better. Superior digitalisation and automation of our retirement proposition makes the employer and adviser offering even stronger.”