How a proactive digital strategy can mitigate the impact of pensions dashboards
As an administration specialist, we regularly meet trustees and pensions managers who are under the impression that Pensions Dashboards (when they finally arrive) will remove the need for a comprehensive, self-service digital engagement strategy. This, we believe, is a misconception.
The Pensions Dashboards Programme (PDP) is set to transform the way members interact with their pension scheme, providing a consolidated view of each individual’s pensions data. However, it would be wrong to see this as a replacement for online self-service. In fact, it is anticipated to cause a long-term upswing in member activity and engagement, making it even more important for trustees to have alternative support options in place.
Consider Pensions Dashboards as a catalyst rather than a solution. While a dashboard will undoubtedly provide a general pensions overview, it won’t replace the personalised service and control that scheme-specific online and self-service options can provide.
A major benefit of implementing a scheme-specific online platform is the degree of control and bespoke service it delivers. Not only does it offer personalised member support, but it also enables trustees to manage member interaction effectively. By concentrating on the development of these alternatives now, trustees can shield themselves from the expected increase in member activity following the introduction of Pensions Dashboards.
By concentrating on the development of these alternatives now, trustees can shield themselves from the expected increase in member activity following the introduction of Pensions Dashboards.
Let’s be clear, an increase in digital engagement isn’t just about handling a rise in member enquiries. The introduction of Pensions Dashboards is expected to prompt a wave of interest from members, leading to an uptick in activity ranging from more frequent data checks through to exploring transfer options and more complex benefit modelling.
By investing in a digital platform today, and taking steps to promote its adoption, trustees can ensure that they are prepared for this surge in member activity. A robust self-service platform can efficiently manage these interactions, providing personalised support and ultimately, enhancing member experience.
While Pensions Dashboards offer a promising step towards a more engaged pension scheme member, they won’t be a panacea. Trustees and pensions managers must be proactive, investing in a scheme-specific digital platform that will not only enhance member experience but also help absorb the expected long-term increase in member activity.
At Trafalgar House, we’re committed to ensuring all members have access to a scheme-specific online platform. We believe that by enhancing a pension scheme’s digital engagement now, trustees can mitigate the impact of the increased activity that Pensions Dashboards will inevitably create, ensuring their members are ready for the broader digital future of pensions.
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