DC is not without risk for sponsors too. Current levels of under saving will mean a whole generation will be unable to afford to retire, resulting in workforce management issues. Our outcomes focus and directive design approach will help you deliver a valued benefit.
We are of course proud to have won ‘DC Consultancy of the Year’ at the 2015 Professional Pensions awards. Proud because we believe it’s a good indication that we are helping clients achieve their goals and improving outcomes of thousands of people as they move into retirement.
We do this through offering deep market insight to support: investment strategy, benefit design, scheme governance, member engagement, provider assessment, administration consulting and retirement solutions.
Outcomes focused approach
At Hymans Robertson we continue to develop solutions that help trustees and employers focus on what matters most – the member outcome at retirement.
Membership behavioural analytics (powered by Guided Outcomes®) are used to provide clients with a clear action plan to improve their DC plan and provide a powerful mechanism to measure the ongoing success of their scheme governance.
You will find us fast to react to change and develop innovative issues led solutions. One example being the pension freedoms legislation and the need to re-design appropriate default investment strategies based on likely behaviour at the point of retirement. 80% of our clients have now implemented a change in strategy suitable for the membership.
It’s an uncomfortable truth that many in the workforce don’t engage or value pensions until it’s too late. Also when they engage as they approach retirement many of the solutions offered are either too complex or not relevant. For Freedom and Choice read additional complexity further exacerbating the issue.
With our Guided Outcomes® at the heart of our DC consulting approach you will be provided with analytics to help you deliver effective plan governance and your people will be offered engaging directive based communication to help them achieve an income target at retirement.
AXA UK Group
Hymans Robertson worked collaboratively with AXA to implement an innovative new drawdown lifecycle strategy alongside a redesigned annuity lifecycle strategy. AXA also launched an engagement programme to educate members on the new changes. Using a mix of new and traditional communication techniques, the project was a huge success with over 1000 employees booked onto one of 50 UK-wide presentations and results from a company-wide survey overwhelmingly positive.
Commenting on this project, Lee Hollingworth, Partner at Hymans Robertson:
AXA UK Group has not only responded to the latest changes in pensions, but has used the budget announcement as an opportunity to review its entire DC investment strategy and communication, which has resulted in some really positive changes. We’ve been delighted with the success seen to date and the positive feedback received by members, which has so far demonstrated strong member engagement on the changes made. The next stage will include personalised statements issued to members informing them of their likely retirement outcome, with clear guidance provided on how to best improve their position.