Employers are calling on workplace pension providers to play a bigger role in helping employees make informed financial decisions, says Royal London.
When asked about their innovation priorities, employers involved in workplace pensions said they wanted focus on practical support that helps employees make better decisions about their financial futures.
The most selected priorities were tools to support employees through different life stages (20%), more personalised pension planning tools (23%) and more guidance and information on investment options (18%).
The research also showed that employer priorities vary by organisation size. Larger firms place greater emphasis on digital innovation, wellbeing support, and ESG-focused investment options, while smaller firms are more focused on practical employer support and are more likely to say no further innovation is needed.
Catherine Stewart, head of workplace proposition at Royal London, said: “Employers are looking for practical tools and support that help employees understand their pension, make informed decisions, and engage with their long-term financial future.
“Different employers will need different types of support depending on their size, workforce, and benefits strategy. Working with providers, advisers can help employers cut through the noise and focus on the areas of innovation that will make the biggest difference to their employees.”
Stewart added: “A workplace pension scheme should reflect the needs of the business and the workforce it supports. The best innovation is not necessarily the newest feature, but the one that helps employers and employees achieve better outcomes.”
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