Fully documented member journey plans adopted by just 2% of schemes

Just 2 per cent of schemes currently have a fully documented member journey plan but the majority (52 per cent) plan to address this in the next two years, according to Aon.

The professional services firm polled schemes in a recent webinar, hosted with contributions from Law Debenture and The Pensions Ombudsman, in which it sought to highlight the importance of considering the member experience alongside longer-term journey planning.

Polling from the webinar also showed that around half the schemes already provided transfer value figures and support through modellers or independent financial adviser advice.

Aon partner and head of member options, Kelly Hurren, said: “The member experience is arguably the most important consideration in the evolution of a scheme's journey, particularly when the options and support available may change after buyout.

“It is therefore critical that schemes formally plan how the member experience evolves alongside the more typical focus of funding and investment. The polling during our webinar clearly showed that schemes are increasingly aware of the importance of this. Planning ahead can help to ensure good outcomes for all members before reaching a scheme's endgame.”

Law Debenture director, Robert Thomas, added that it was “vital for members to be at the heart of a scheme’s planning towards its long-term objectives”, noting that the business was “always looking to maximise value for scheme members and understanding their motivations is key”.

He continued: “As with so much in the field of pensions, good advance-planning is essential to the success of any of these activities. It is vital to think about the interdependencies of member options with other projects, whatever the long-term aims are for the scheme.

“Working across multiple schemes and being part of the wider LawDeb team is helpful in ensuring visibility of the market and how to manage these interdependencies effectively.”

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