Considering how and when to do this is key. All rights reserved.
Existing communication channels, such as newsletters, can be a good place to start. As each members' DB pension represents a scheme liability, high member engagement to help members gain a better understanding of their options potentially converts to short-term pension scheme accounting gains as well as long-term gains in reducing the scheme's liabilities. Providing members with a personal indication of their options is an effective way to pique interest, for example, through an annual benefit statement, personal video or via an online portal. Reducing the investment and longevity risk associated with their pension schemes through purchasing … You will need to provide some context to these figures. But what does the bulk annuity market look like? In addition, profiling and illustration tools can prompt members to think about the impact of decisions made today and how they may affect future long-term decisions.Facts and figures are an important part of retirement planning but how do you stop the conversation becoming dry? This is not a plea for paternalism for paternalism's sake, it is about managing risks for trustees and employers."
Willis Towers Watson’s team of de-risking specialists works with pension plan sponsors and trustees who are looking to manage their defined benefit pension liabilities.
Creating a more personalised approach is therefore key to success. But, as a responsible employer, how can you ensure that members make the right choices? Willis Towers Watson’s specialist Transactions team has unrivalled experience of working with clients who are looking to purchase bulk annuities and longevity swaps. For many, reshaping their DB pension or converting it to cash aren’t concepts with which they’re familiar. Read more
We provide market-leading advice and implementation services related to all aspects of risk management for schemes of all sizes.
When thinking about any supporting tools, the experience should be the primary factor. Willis Towers Watson has a large specialist defined contribution (DC) consulting team that specialises in all aspects of DC pension provision scheme design, governance, investments, communications, pre- and at-retirement solutions and member behavioural analysis.We help our clients identify shortfalls in their electronic member data, resolve their data issues and achieve their business needs and objectives.We have a team of full time professional project specialists, who are also experienced financial services and pensions professionals. Their technical understanding, skills and expertise means they can plan and deliver high value, high profile, complex projects effectively, efficiently and on time.We focus on the delivery of high quality, best practice pensions liability management programmes aimed at employers and trustees who understand the risks associated with such exercises.Asset Liability Suite is a powerful, reliable, modular, web-based software platform designed to support your planning, monitoring, reporting and decision-making needs as a Corporate Sponsor, Trustee or Investment Specialist.Copyright © 2020 Willis Towers Watson. Feedback from current activity suggests that many members like to hear about what others are doing. LifeSight is Willis Towers Watson’s defined contribution multi-employer pension trust for employers who would benefit from high-quality, lower risk, market-competitive pension provision … Regardless of channel – if you don’t create the hook, you don’t establish the connection.Accessing information on smartphones and laptops means our attention span is shorter than ever before, and we expect to know key points immediately. Engagement is a word very often used in pension communications, but what can we do in the real world to engage members and help them be better informed to take control of their retirement decisions? Given these concerns, risk transfer actions, liability-oriented investment portfolios and other risk management strategies have become increasingly popular among pension managers and sponsors.