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 Amazingly flexible: Learning to read in your thirties profoundly transforms the brain
26.05.2017 | Max-Planck-Institut für Kognitions- und Neurowissenschaften

nachricht Fixating on faces
26.01.2017 | California Institute of Technology

All articles from Social Sciences >>>

The most recent press releases about innovation >>>

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

Im Focus: Manipulating Electron Spins Without Loss of Information

Physicists have developed a new technique that uses electrical voltages to control the electron spin on a chip. The newly-developed method provides protection from spin decay, meaning that the contained information can be maintained and transmitted over comparatively large distances, as has been demonstrated by a team from the University of Basel’s Department of Physics and the Swiss Nanoscience Institute. The results have been published in Physical Review X.

For several years, researchers have been trying to use the spin of an electron to store and transmit information. The spin of each electron is always coupled...

Im Focus: The proton precisely weighted

What is the mass of a proton? Scientists from Germany and Japan successfully did an important step towards the most exact knowledge of this fundamental constant. By means of precision measurements on a single proton, they could improve the precision by a factor of three and also correct the existing value.

To determine the mass of a single proton still more accurate – a group of physicists led by Klaus Blaum and Sven Sturm of the Max Planck Institute for Nuclear...

Im Focus: On the way to a biological alternative

A bacterial enzyme enables reactions that open up alternatives to key industrial chemical processes

The research team of Prof. Dr. Oliver Einsle at the University of Freiburg's Institute of Biochemistry has long been exploring the functioning of nitrogenase....

Im Focus: The 1 trillion tonne iceberg

Larsen C Ice Shelf rift finally breaks through

A one trillion tonne iceberg - one of the biggest ever recorded -- has calved away from the Larsen C Ice Shelf in Antarctica, after a rift in the ice,...

Im Focus: Laser-cooled ions contribute to better understanding of friction

Physics supports biology: Researchers from PTB have developed a model system to investigate friction phenomena with atomic precision

Friction: what you want from car brakes, otherwise rather a nuisance. In any case, it is useful to know as precisely as possible how friction phenomena arise –...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Closing the Sustainability Circle: Protection of Food with Biobased Materials

21.07.2017 | Event News

»We are bringing Additive Manufacturing to SMEs«

19.07.2017 | Event News

The technology with a feel for feelings

12.07.2017 | Event News

 
Latest News

NASA looks to solar eclipse to help understand Earth's energy system

21.07.2017 | Earth Sciences

Stanford researchers develop a new type of soft, growing robot

21.07.2017 | Power and Electrical Engineering

Vortex photons from electrons in circular motion

21.07.2017 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>