GO Live technology launched
24 Jul 2017 - Estimated reading time: 2 minutes
- GO Live technology provides real time scheme analysis to enable effective strategic decision making
- It allows employers to provide targeted communications, guiding members to the right actions for a comfortable retirement
- GO Live helps schemes monitor behaviour changes and measure the results, improving scheme governance
Hymans Robertson’s award-winning GO technology has been further enhanced by the leading pensions and benefits consultancy.
GO Live sits between the firm’s GO annual scheme assessment, which has become an integral part of good DC governance for schemes since its launch in 2013, and full robo-guidance which was introduced to the market in 2015, used by blue chip employers such as Scottish Power and Nationwide.
Using GO Live, employers and Trustees can analyse scheme performance and model the most effective changes in terms of scheme design and member behaviour in real time.
In addition they can segment the membership where specific messages are needed, develop an overarching communication strategy and deliver on the spot communications campaigns to change behaviour and improve outcomes.
Results can be monitored to improve governance and new communication campaigns created as needed.
Explaining how the new technology works, Paul Waters, Head of Guided Outcomes, Hymans Robertson said:
“GO Live enables pension schemes to address the two problems that frustrate employers and Trustees the most. First, a lack of clear insight into scheme performance and how to improve it. And second, an inability to act immediately and communicate with members effectively.
“Schemes can undertake regular analysis of different segments of the member population in real time. This makes it easy to measure the effectiveness of different actions on pension saving to see what works best for different groups. This could be based on scheme factors (e.g. section they have been enrolled in, investment strategy etc), demographic factors (e.g. age or earnings etc) or behavioural factors (e.g. level of saving, retirement age etc)
“This will mean that schemes can now be a lot more proactive. They can send relevant and targeted communications to different groups of members. It allows them to be highly nimble and create simple and effective communication campaigns to help scheme members. They can measure results and, if needed, amend their approach for future campaigns which will all help members improve their outcomes.”
Commenting on the need for employers to help the workforce save more, Paul Waters, continued:
“For the UK as a nation we know there is a chronic level of under saving. It looks likely that three quarters of UK workers won’t be able to retire with an adequate income. People need to save more. When companies have implemented GO a significant proportion of the workforce have taken action and increased their savings. For instance five times more people increase their savings than extend their retirement age with GO. GO Live enables employers and Trustees to make better decisions around the operation of the Scheme, and guide members to the actions they need to take to secure a more comfortable retirement.”