Retirement support now key for workplace pension providers, study finds
35% expect retirement income solutions to be one of the biggest differentiators in the next five years.
48% of advisers said retirement support is becoming the key differentiator between workplace pension providers, research from People’s Pension revealed.
58% believe member outcomes and support now matter just as much as cost.
35% expect retirement income solutions to be one of the biggest differentiators in the next five years.
Digital engagement and artificial intelligence (AI)-enabled support, guided retirement pathways and greater personalisation were also seen as features that will set providers apart.
More than half of advisers said workplace pensions struggle to generate meaningful engagement, as most employees disengage until later life.
45% highlighted employees prioritising immediate financial needs.
39% said most employees do not engage with retirement until it is close, while 24% believe employees underestimate how complex retirement decisions can be.
Stuart Reid, distribution director at People’s Pension, said: “Supporting people at retirement is a very different challenge to helping them save.
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