Aegon is giving advice firms access to more information around the pension gender gap as the assurer unveils a host of changes to its governance tool.
Enhancements to its Member Insights tool, which launched five years ago to allow employers and advisers to get a better view into their workplace pension schemes, will make it easier for employees, trustees and advisers to monitor and improve member outcomes, the retirement specialist said.
The tool now includes a new ‘gender pension gap’ section that pulls together in one place four key metrics with an age and gender split.
Nick Roy, director, client & partnership development at Aegon, said: “As employers increasingly focus on supporting their employees to close the gender pensions gap, the enhanced Member Insights tool now helps to identify areas and take action to close this gap.”
In addition, the tool will also offer users a ‘deferred members’ section, covering in more detail the deferred membership of the scheme. Aegon said this will be of value to trustees of trust-based schemes where they have ongoing obligations to their deferred members.
There is also an enhanced ‘industry comparison’ section with scheme average compared to industry averages across a wider range of data.
These enhancements are the latest in Aegon’s transformation drive, investing in technology and automation to deliver an easy-to-use digital platform for employers and scheme members.
Roy said: “Good scheme governance is a priority for all employers. This can be hard work and time consuming for all involved, however the support offered through this innovative tool can make this so much easier.
“Aegon’s enhanced Member Insights tool does a lot of the heavy lifting for the Trustee Board and employers, but more importantly offers a deep and detailed view into how their members are contributing to and engaging with their savings. This insight makes the challenge of effective scheme governance much more manageable.”
Roy added: “We are focused on making pension savers experience easier and better. Superior digitalisation and automation of our retirement proposition makes the employer and adviser offering even stronger.”
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