Aegon is rolling out a new version of its Member Insights tool for master trust and GPP clients that facilitates behaviourally-driven targeted emails to different groups of members.
The provider’s dynamic governance solution is available to Aegon Workplace ARC and GPP schemes. TargetPlan schemes including Aegon Master Trust clients will get access to the tool in 2020. The service is not available to schemes with less than 50 members as it is not possible to retain anonymity of member data for schemes of this size.
Employers and corporate consultants can see scheme specific information such as fund performance, service standards and member outcomes, detailed information about members’ savings levels and potential retirement income, and the levels of engagement scheme members have with their retirement savings
It also enables them to launch targeted email campaigns to the entire scheme membership or specific segments of the membership across a range of topics, a feature Aegon says sets it apart from other solutions on the market.
Aegon managing director of workplace business Linda Whorlow says: “Employers will understandably be feeling stretched and overwhelmed by the coronavirus crisis, as will their employees. But we would urge them not to neglect their pension scheme or put the health of the pension scheme at risk. In fact, scheme health is more important than ever, and good governance is a key component to fantastic scheme health.
“Employees might have made some hasty decisions about their pension contributions in the early days of the pandemic as they faced uncertainty. But a pension forms part of an employee’s overall benefits package and employees shouldn’t underestimate the value of their workplace pension.
“Good scheme governance is a priority for all employers. It’s also a challenge in terms of efficiency and there are a lot of parts to consider. Most governance committees need to ensure they have the right expertise, clear accountability, measurable targets and objectives for their scheme, robust data and insights to assess trends.
“Member Insights does the hard work for the employer and gives them access to most of those things and goes a long way to solving the challenges around effective scheme governance. It’s a great tool to monitor scheme health now and in the longer term.
“Our mission is to help people achieve a lifetime of financial security, this governance tool helps encourage engagement and maximized outcomes for members, which helps us deliver on our mission.”