Many pension schemes store a huge amount of member data. But this is often difficult to access, incomplete or inconsistent, and stored in multiple formats – PDFs, spreadsheets and others. Schemes struggle to analyse their data, develop sample user personas, and make predictions about future trends and behaviours, let alone support members in improving their pension choices to improve outcomes.

Our episode this week explores how schemes can put this wealth of data to use. Trustees need to be able to cut through the noise of unnecessary data and find the insights in their specific members’ behaviour. For instance, member communication might not only better show their future total pension pot but also how they compare with others in the demographic group – are you saving more or less than people in a similar position? 

In an environment where trustees and scheme managers are time-poor, data-rich, and finding underlying information a struggle to organise, a one-stop-data-shop can provide a clearer picture of your scheme.

Read Stuart’s full article here: https://www.lgim.com/uk/en/insights/our-thinking/client-solutions/the-power-of-data-science.html?cid=lgimtalks

·         Stuart Murphy, Head of DC Client Management, L&G

·         Peter Jackson, Director of Group Data Sciences, L&G

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