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Author: Harriet Hayward

LifeSight shortlisted for two awards in the Pensions Age Awards 2018

We think you’ll agree that after the Christmas comedown there is no better way to ring in 2018 than with a few exciting events to look forward to in the new year. So, here at LifeSight, we’re excited to have been shortlisted for the Pensions Age Awards 2018, in both the Innovation category and for Master Trust Offering of the Year.

It feels good to be recognised for our hard work and the progress we’ve made since our launch in 2015. We’ve built and delivered a master trust offering which doesn’t just champion and uphold the highest governance standards and which uses digital tools to provide an innovative, personalised service to truly engage members with their retirement savings.

As we get ready to embrace the changes and opportunities ahead of the sector this year, we take a moment to reflect back on 2017 and look at the pension topics that most occupied you – our readers, based on our most read blog posts from the year.

  1. Back to the future: modernising communications in pensions

It’s great to see that this has been our most popular post, as modernising communications is front and centre in LifeSight. The pensions industry has traditionally lagged behind in this area compared to other industries, such as personal banking so we’re pleased that this is topic getting so much attention.

Here at LifeSight, we use technology to engage our members in innovative ways, something the Pensions Age award nomination recognises. Our ageOmeter, for example, is an interactive tool which educates members on the age at which they could retire based on their savings and investment strategies.

We predict that in 2018 we will see more schemes looking to up their game when it comes to the member experience, through the use of technology and modern methods such as gamification.

  1. Multiple Pension Posts? What should you do?

Our second most read blog of 2017 shared tips on how employees can keep track of their multiple pension pots before the introduction of the Pensions Dashboard. This is the question I get asked the most by friends and family many of whom have moved employers more than once. Very few people outside of the pensions world have noticed the coming of the dashboard and the benefits it may deliver.

Delivery of the dashboard will make it easier for individuals to plan for retirement by allowing them to view all their pension pots in one place. Next year will see more progress on this driven by consultation with key industry stakeholders (including Willis Towers Watson) to get ready to launch in 2020. Success will be a dashboard that is comprehensive and includes the state pension, as well as defined contribution and defined benefit pensions. A balanced regulatory framework and standards around data sharing and security are essential changes to deliver this goal.

  1. Annuity vs. Drawdown: Dispelling the myths

2017 was the two-year anniversary of the pension freedoms, so it is only fitting that our post comparing the benefits and downfalls of annuities and drawdown finished off our top three most popular blogs of the year.

In 2018, we expect the growth trend towards drawdown – witnessed over the past two years – to continue as defined contribution becomes the main source of retirement income outside of the state pension. We expect this to be driven by more occupational schemes building in more advice and guidance services to help members at retirement with their decision making.

2017 was a busy and eventful year for pensions and the master trust sector. 2018 is set to be even more eventful with the authorisation regime impacting master trusts and, in particular, driving consolidation. Here at LifeSight we are excited for 2018 to be a part of this vibrant and important sector. Equally, we are looking forward to attending the award gala dinner on the 22nd February 2018, where the winners of the Pensions Age Awards will be announced. Watch this space…