Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Pension websites… does your scheme have one?

29.08.2006
Awareness of pension scheme websites is considerably higher among employees than the self-employed, reports research funded by the Economic and Social Research Council (ESRC) e-Society programme.

In a survey of 1,337 individuals, Dr Tina Harrison and Kathryn Waite have found that less than a quarter of self-employed individuals know that their pension scheme has a website, and around half of these have actually used it.

Findings show that pension scheme members who have used their scheme website are benefiting from an increased understanding of pensions and, in some cases, an enhanced decision-making capacity.

Many large occupational pension schemes now provide scheme members with a website. Around three-quarters of the occupational scheme members surveyed were aware of their pension website and similarly high proportions had used it. Facilities and features range from purely informational sites, such as web-based scheme booklets, to fully functional integrated sites that allow scheme members to switch funds, change contribution levels and update personal details online. Most popular features are the modellers or calculators that allow members to obtain projections of their benefits and to model ‘what if’ scenarios.

Many scheme members value their pension website and are benefiting from its use. The greatest benefit is in information provision and education. The vast majority of all pension website users report increased access to pension information, and half of these say they are better informed about pensions as a result. Similar proportions report experiencing greater confidence in making pension enquiries and decisions as a result of using their pension scheme website.

There is an indication that use of pension websites leads to an increased tendency towards pension saving for some people. More than half of all pension website users surveyed say they are taking more of an interest in their pension as a result of using the website, and around a third say they have saved more towards their retirement.

“The need for better communication and information provision via the web is important within the broader context of the general move from DB (Defined Benefit/Final Salary) to DC (Defined Contribution) pensions,” comments Tina Harrison. “DC pensions transfer the investment risk from the employer to the individual. This means there is a greater need for communication, education and ideally consumer involvement in the progress of an individual’s pension pot. If the individual can become more engaged in the process, through using a pension website, they will have more heightened awareness of financial issues.”

For further information contact:
Antonia Luther-Jones, Communications and Events Manager for the ESRC E-Society Programme on 01904 434561 or email alj504@york.ac.uk

Alexandra Saxon or Annika Howard at ESRC, on 01793 413032/413119 email alexandra.saxon@esrc.ac.uk annika.howard@esrc.ac.uk

Annika Howard | alfa
Further information:
http://www.esrc.ac.uk

More articles from Social Sciences:

nachricht Fixating on faces
26.01.2017 | California Institute of Technology

nachricht Internet use in class tied to lower test scores
16.12.2016 | Michigan State University

All articles from Social Sciences >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Deep inside Galaxy M87

The nearby, giant radio galaxy M87 hosts a supermassive black hole (BH) and is well-known for its bright jet dominating the spectrum over ten orders of magnitude in frequency. Due to its proximity, jet prominence, and the large black hole mass, M87 is the best laboratory for investigating the formation, acceleration, and collimation of relativistic jets. A research team led by Silke Britzen from the Max Planck Institute for Radio Astronomy in Bonn, Germany, has found strong indication for turbulent processes connecting the accretion disk and the jet of that galaxy providing insights into the longstanding problem of the origin of astrophysical jets.

Supermassive black holes form some of the most enigmatic phenomena in astrophysics. Their enormous energy output is supposed to be generated by the...

Im Focus: A Quantum Low Pass for Photons

Physicists in Garching observe novel quantum effect that limits the number of emitted photons.

The probability to find a certain number of photons inside a laser pulse usually corresponds to a classical distribution of independent events, the so-called...

Im Focus: Microprocessors based on a layer of just three atoms

Microprocessors based on atomically thin materials hold the promise of the evolution of traditional processors as well as new applications in the field of flexible electronics. Now, a TU Wien research team led by Thomas Müller has made a breakthrough in this field as part of an ongoing research project.

Two-dimensional materials, or 2D materials for short, are extremely versatile, although – or often more precisely because – they are made up of just one or a...

Im Focus: Quantum-physical Model System

Computer-assisted methods aid Heidelberg physicists in reproducing experiment with ultracold atoms

Two researchers at Heidelberg University have developed a model system that enables a better understanding of the processes in a quantum-physical experiment...

Im Focus: Glacier bacteria’s contribution to carbon cycling

Glaciers might seem rather inhospitable environments. However, they are home to a diverse and vibrant microbial community. It’s becoming increasingly clear that they play a bigger role in the carbon cycle than previously thought.

A new study, now published in the journal Nature Geoscience, shows how microbial communities in melting glaciers contribute to the Earth’s carbon cycle, a...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Expert meeting “Health Business Connect” will connect international medical technology companies

20.04.2017 | Event News

Wenn der Computer das Gehirn austrickst

18.04.2017 | Event News

7th International Conference on Crystalline Silicon Photovoltaics in Freiburg on April 3-5, 2017

03.04.2017 | Event News

 
Latest News

New quantum liquid crystals may play role in future of computers

21.04.2017 | Physics and Astronomy

A promising target for kidney fibrosis

21.04.2017 | Health and Medicine

Light rays from a supernova bent by the curvature of space-time around a galaxy

21.04.2017 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>