“We now have a very collaborative approach between trustees and employer.”
“Excellent and comprehensive training course. I will definitely refer to what I've learned and received. ”
“Their pragmatic approach helps with quick and easy decision making. Another approach might have made things more difficult.”
“They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.”
“These days, Boards need real expertise on tap (with excellent back-up) to cope with a constantly evolving and more regulated environment. PSGS is geared to delivering that.”
“Where PSGS are appointed to act in conjunction with an existing body of trustees, we have found that they are quickly able to fit in well and gain the trust and respect of their co-trustees. ”
Part 1 of this blog looked at some positive outcomes that can be achieved by a pension scheme setting sail on a digitisation journey. In part 2, I’ll tackle overcoming barriers head on!
“I’m too busy”
If you feel you simply don’t have the headspace or capacity to look at this within your pension management team, first look for assistance internally – maybe the sponsor has a change or performance excellence team you can tap into. Then look externally, outsource the pain to pensions management experts who can dive straight in and instantly add value. Remember what you’ve got to gain…
“We don’t have any budget for this”
Putting together a cost benefit analysis will demonstrate the value of embarking on a digital journey. It will show investment of time and resources can be worthwhile, helping counteract the too busy argument too.
“People prefer to talk to someone and/or I don’t like/use computers”
There’s often a misconception that older pension scheme members do not like technology. The rise of technology use is well documented – ONS figures showed use of the internet for 65-74 year olds grew from 52% in 2011 to 83% in 2019. Yes, technology isn’t suitable for all members and there should be options to opt out of online, but this should be the exception rather than the default.
My recent experience showed roughly 2/3rds of pension members under 70 were happy to remain online when given the choice. However, testing user experience is crucial to the success of ongoing engagement, as is providing assurances over data security and protection to allay any fears pension trustees and scheme members may have.
“Robots are taking over our jobs!” (or “we’ve always done it this way”)
Technology should complement skilled staff, removing routine operational tasks so more human time can be spent on complex or strategic work and giving headroom for personal and professional development. New services can be developed to create brand new opportunities. Challenge the status quo. The workstream owner/project sponsor should clearly outline the value added and pain removed to colleagues and stakeholders.
Setting sail and keeping on course
Leveraging technology is by no means easy sailing. However, a planned approach can get the engagement you need and help focus your time. Here’s an outline of steps to set your course:
Always challenge your advisers over what they’re doing to make your life easier and pressure them to work smarter for your pension scheme’s benefit. There are technology-based opportunities already out there or in advanced development that you could benefit from immediately, for example:
Welcome unchartered waters
Performance improvement and better use of technology should be a continual process. Technology is moving at a rapid pace, so you need an effective mechanism to keep an eye on developments and leverage gains as quickly as possible. Support this by creating and embedding a culture of change – have ‘champions’ to help spread the message and deliver what’s needed.
For me, this is about providing pensions governance plus, ie not just complying, but reviewing best practice with the aim of reducing day-to-day pains and adding value to the running of a pension scheme.
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