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Pensions – how can we better shape the future

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Last month saw Finance Isle of Man partner with Aviva, one the UK’s leading Life and Pension companies, for a thought leadership event hosted at the Villa Marina, Douglas.

The event covered a number of topics such as: how pension policy in the UK compares to the Isle of Man, using data trends in customer engagement and how businesses can focus more on health and wellbeing. 

The event included speakers: Alfred Cannan MHK, Treasury Minister, Simon Pickering, Head of Insurance & Pensions, Finance Isle of Man, Alistair McQueen, Head of Savings & Retirement, Aviva, Malcolm Goodwin, Head of Business Solutions, Aviva and Stephanie Hatton, Client Relationship Manager, Aviva Isle of Man.

Alistair McQueen presented recent research, ‘Breaking the myth of millennials’ on auto enrolment saving patterns. Aviva’s research found millennials want to place long-term saving before short-term spending. And after property, planning for retirement is a millennial’s top long-term financial priority.  Millennials have delivered the greatest increase in pension participation since 2012, across any age group in the UK. Doubling from a low of 35% in 2012 to a recent high of 79%. The auto enrolment numbers prove the young are putting their money where their mouths are.

Malcolm Goodwin presented ‘Focussing on helping pension customers achieve the retirement they want’ with discussions around, how using data science is helping Aviva improve the way it engages with their customers. Working with their data science division, Quantum, they now analyse customer analytics and trends to improve pension engagement with data-driven personalised communications. 

 ‘Our responsibility as employers, pension providers and policy makers is to help individuals achieve their desired retirement. Everyone’s path Is different, so improving our understanding of customers can only help them achieve their goals. Whether that’s communicating to them at the right time or creating tools and solutions that help them engage with their pension to deliver a better retirement.’ - Malcolm Goodwin, Head of Business Solutions, Aviva

To coincide with Mental Health Awareness Week, Stephanie Hatton of Aviva Isle of Man, discussed the growing focus on Health and Wellbeing in the workplace. With over 69% of referrals for rehabilitation through Aviva’s Group Income Protection being for mental health conditions. It’s hugely important that employers embrace the opportunity to remind employees help is available. Stephanie outlined possible wellbeing strategy that could be used in the workplace, not just to raise awareness but also to support employees.

‘This was a great opportunity to partner with Aviva and hear from thought leaders on pensions, customer engagement and wellbeing. It is important for individuals of any age to consider their retirement plans and it is encouraging to see that millennials are increasingly prioritising their pensions and placing an emphasis on long-term savings. I’d like to thank everyone involved in this well attended event, Finance Isle of Man will continue to partner with industry to provide more events of this nature as they provide not only key insight but also an opportunity to engage and discuss ideas and enhance the reputation of the Island’s financial services sectors’. – Simon Pickering, Head of Insurance and Pensions, Finance Isle of Man.

 

Articles for reference:

Millenials leading the way on retirement saving

Mental Health Awareness Week

 

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