Pension providers need to reassess how they engage with younger savers and support members throughout retirement, as expectations shift.
New research from People’s Pension shows that almost three quarters (74%) of independent financial advisers (IFAs) believe defined contribution (DC) pension providers need new approaches to connect with younger cohorts.
Many argue that traditional engagement strategies fail to resonate with members at the beginning of their savings journey.
The research also highlights the need for earlier intervention, with almost two thirds (63%) of IFAs saying providers should offer more upfront support to help savers make more informed decisions long before they retire.
Expectations do not suddenly end at retirement either.
Just over half (51%) of IFAs believe providers need to be more active in supporting members through decumulation as the demand for ongoing guidance grows.
IFAs also highlight digital member platforms (41%), enhanced data and reporting (39%), and integrated retirement tools (38%) as key priorities, while more personalised communication (34%) also ranks highly.
Stuart Reid, distribution director at People’s Partnership, said: “Expectations are continuing to evolve. Advisers want to see support start earlier in the savings journey and continue through retirement, alongside practical tools and reliable service that help members make informed decisions at each stage.”
He added that engagement trends are already shifting.
“We are seeing much stronger interaction and participation from younger employees, along with a growing understanding of the importance of getting started early. That will have a meaningful impact on their long-term outcomes, and it is encouraging to see.”