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 New measure for the wellbeing of populations could replace Human Development Index
07.11.2018 | International Institute for Applied Systems Analysis (IIASA)

nachricht Because not only arguments count
30.10.2018 | Max-Planck-Institut für Mathematik in den Naturwissenschaften (MPIMIS)

All articles from Social Sciences >>>

The most recent press releases about innovation >>>

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

Im Focus: Regensburg physicists watch electron transfer in a single molecule

For the first time, an international team of scientists based in Regensburg, Germany, has recorded the orbitals of single molecules in different charge states in a novel type of microscopy. The research findings are published under the title “Mapping orbital changes upon electron transfer with tunneling microscopy on insulators” in the prestigious journal “Nature”.

The building blocks of matter surrounding us are atoms and molecules. The properties of that matter, however, are often not set by these building blocks...

Im Focus: University of Konstanz gains new insights into the recent development of the human immune system

Scientists at the University of Konstanz identify fierce competition between the human immune system and bacterial pathogens

Cell biologists from the University of Konstanz shed light on a recent evolutionary process in the human immune system and publish their findings in the...

Im Focus: Transformation through Light

Laser physicists have taken snapshots of carbon molecules C₆₀ showing how they transform in intense infrared light

When carbon molecules C₆₀ are exposed to an intense infrared light, they change their ball-like structure to a more elongated version. This has now been...

Im Focus: Famous “sandpile model” shown to move like a traveling sand dune

Researchers at IST Austria find new property of important physical model. Results published in PNAS

The so-called Abelian sandpile model has been studied by scientists for more than 30 years to better understand a physical phenomenon called self-organized...

Im Focus: Cryo-force spectroscopy reveals the mechanical properties of DNA components

Physicists from the University of Basel have developed a new method to examine the elasticity and binding properties of DNA molecules on a surface at extremely low temperatures. With a combination of cryo-force spectroscopy and computer simulations, they were able to show that DNA molecules behave like a chain of small coil springs. The researchers reported their findings in Nature Communications.

DNA is not only a popular research topic because it contains the blueprint for life – it can also be used to produce tiny components for technical applications.

All Focus news of the innovation-report >>>

Anzeige

Anzeige

VideoLinks
Industry & Economy
Event News

Global Legal Hackathon at HAW Hamburg

11.02.2019 | Event News

The world of quantum chemistry meets in Heidelberg

30.01.2019 | Event News

Our digital society in 2040

16.01.2019 | Event News

 
Latest News

Gravitational waves will settle cosmic conundrum

15.02.2019 | Physics and Astronomy

Spintronics by 'straintronics'

15.02.2019 | Physics and Astronomy

Platinum nanoparticles for selective treatment of liver cancer cells

15.02.2019 | Life Sciences

VideoLinks
Science & Research
Overview of more VideoLinks >>>