For some members affordability is not the only reason why they don't contribute more to their pension. It's a lack of understanding, engagement and action.
Financial education can show members the value of their pension, how to make simple changes and the real impact of those changes. Good financial education doesn't only inform, it inspires and helps members to act so making a real positive difference to their financial future.
How one scheme has used Hymans Robertson’s Guided Outcomes to improve member communicationsThe challenge:“We were really concerned that members weren’t saving enough and that they didn’t understand how much it would cost to have a decent income in retirement,” says Anne Harris, UK pensions manager at ScottishPower.