More than four in five pension professionals believe artificial intelligence (AI) could play at least some role in improving member engagement and retirement decision making, according to polling conducted by the Society of Pension Professionals (SPP).

The polling was conducted at a webinar, Enabling good retirement decision-making, which explored how the pensions industry could encourage members to better understand and engage with their retirement options.

More than 150 pensions professionals attended the event and were asked whether a greater focus on AI-powered guidance for pension scheme members could help close the engagement gap.

Almost one in five respondents (19 per cent) said they believed AI would become “a core part of the solution”, while an equal proportion (19 per cent) said they did not think it would help.

However, the majority (62 per cent) said AI could form part of the solution, provided risks were carefully managed.

Attendees were also asked which change could have the greatest impact on improving retirement decision making among pension scheme members.

More than a third (37 per cent) identified simplified choices and communications as the most effective step, while almost a quarter (24 per cent) said earlier and more frequent engagement would have the biggest impact.

One fifth (20 per cent) said more personalised guidance could be key to improving outcomes, while 13 per cent highlighted the importance of lower-cost advice solutions.

Meanwhile, just 6 per cent said that implementing pensions dashboards and small pot consolidation would have the greatest impact on members' decision-making.

Commenting on the findings, SPP member, Independent Governance Group trustee director and head of DC, Priti Ruparelia, said the results pointed to growing industry consensus on the need for clearer communication and smarter support tools.

“Ahead of the introduction of default pension benefit solutions and targeted support, these results highlight a growing consensus across the industry that improving retirement outcomes will require a combination of clearer communication, earlier engagement, and smarter support for members,” she stated.

“The AI polling was particularly revealing, with over 80 per cent indicating it could play an important role in closing the member engagement gap.

“While AI may not be the whole answer, and its rollout must be balanced with any risks, it is increasingly seen as part of the toolkit for improving member engagement and retirement outcomes.”

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