In the first of a new five part series, Tom Hibbard, Head of Pensions Business Development at Simplitium, assesses the role asset managers can play in encouraging engagement among Millennials with their pension provision.
In previous posts, we have considered the need for the pensions and retirement industry to do a lot more to help improve engagement with people’s pensions. This focused mainly on the assistance providers could offer, especially with respect to the Millennial generation.
Millennials are the first truly digital generation with a predominantly technology-aware mindset and expectations that data on all aspects of their lives is readily available at their fingertips – pensions being no exception. The reality, however, is somewhat different.
Within the Retirement ecosystem, another group that could contribute significantly to improving engagement is the asset management sector, which handles both the investment mandates on behalf of the vast majority of schemes in the UK and, in some cases, acts as a pension provider as well.
Asset managers have endured a lot of negative publicity over recent years, primarily driven by the belief that they haven’t always been acting in the best interests of their clients nor demonstrated transparency around how they conduct elements of their business. Despite this, managers still have a critical role to play in the long-term success of savers’ retirement planning; many savers may not be aware of the key role managers play in growing their pension pots, with many consumers believing their pension is just sitting in an account waiting to be accessed and no concept of the fact they are participants in the investment market.
In our latest blog series, we will look at some of the major issues within the asset management space and how investment companies can play a leading role alongside pension schemes/providers in helping savers to become more engaged with their pensions and take a more active role in planning for their retirement.
Looking for another entry in this blog series?
Why Technology Matters
About Tom Hibbard
As Head of Business Development for ClaritEx, Tom’s focus is on understanding the industry's ever-changing challenges, and bringing relevant stakeholders together to establish how new technologies can make a real difference to reporting in the pensions industry. Tom will use his knowledge of emerging technologies to create and deliver the governance solutions that Simplitium will provide for the pensions market.
Formerly a Business Development Manager at KAS BANK, he has extensive knowledge of the global pensions industry landscape. During his time at the bank, Tom was instrumental in building the strategy and brand for the UK branch, playing a key role in establishing its position in the market and growing revenue.
ClaritEx is the next generation pension cost data monitoring solution for the pensions industry. Powered by Simplitium, the service helps both DB and DC pension schemes access the information needed to make better investment decisions and meet increased governance obligations. In response to the ever-growing demand for greater transparency across UK financial services, ClaritEx provides comprehensive transparency of costs to the UK pensions industry.
Cost transparency is achieved through a combination of innovative technology with a detailed and expert understanding of the investment value chain. By collecting consistent and comparable cost data from both schemes and their underlying service providers, ClaritEx delivers full assurance of costs to market participants in an industry which has, until now, struggled to achieve transparency. For further information, please visit www.simplitium.com/claritex.