Lessons on Pensions Engagement
This research explores consumer engagement and ways to increase public engagement with private pensions in the UK.
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Research background
Pension engagement is a key departmental and governmental priority, but evidence shows engagement is low. The research brings together the views of 6 expert interviews across the UK, Western Europe and Israel with the findings from a rapid review of publicly available literature. The research highlights areas for further research. It should also be caveated that the research only reflects a small number of views.
The research aims were:
- To find out best practice measures from other industries on encouraging public engagement.
- To discover what international lessons on encouraging pension engagement that could be applied in the UK.
Contribution to the evidence base
This research was commissioned by DWP will help understand the best ways are to improve engagement and understanding of private pension wealth. It provides several suggestions for how pension engagement can be encouraged.
Alongside recent research, such as ‘Engaging with pensions at timely moments’ and ‘Understanding member engagement’, perspectives on engagement have been gathered from the other industries, pension experts and members themselves. These give a clearer picture on how to improve pension engagement.
Research value
The research will provide a useful insight on how other industries and other countries have increased engagement.