LGIM launches pension engagement tech projects

Legal & General Investment Management (LGIM) has unveiled two new tech-driven initiatives to boost pension scheme member engagement.

To better link pensions to retirement outcomes and help members visualise the stages of their future, LGIM has switched on its enhanced multi-channel wellbeing hub ‘Go&Live’, that will be available to defined contribution scheme members in the UK.

This serves members at different stages of their retirement journey, from accumulation (Go&Save) through to the point of retirement and beyond (Go&Retire).

Previously, wellbeing services have tended to serve members up to the point of retirement, but Go&Retire aims to provide a bespoke post-retirement support function, accessing a range of practical services from the broader Legal & General Group and vetted independent providers – including lifetime mortgages, a suite of annuity options, as well as helping members source care in later life.

Secondly, to help members understand how their investments can align with their principles, LGIM has also revealed a pilot project in collaboration with investment transparency technology provider Tumelo.

Delivered via Tumelo’s software, the new platform allows approximately 52,000 members across two of LGIM’s largest clients to access, learn and express informed opinions about their investments to their fund managers.

The pilot aims to provide members with greater transparency over their scheme’s portfolio, as well as increase their engagement on the way their money is being managed, through a greater understanding of the sensitive decision-making process of companies where they own a stake.

Once members have shared their opinions as to how to they would vote on key issues, they are able to see how their views compare against many of their peers and their own fund managers, as well as see the outcome of the votes.

The opinions expressed by members via Tumelo are exclusively advisory in this pilot. They do not currently have a direct impact on the vote indications set by LGIM’s stewardship team, however they will influence what LGIM and pension schemes know about their members, what matters to them and their desire for new products and services.

Emma Douglas, head of defined contribution at LGIM, commented: “Through both exciting initiatives, we are harnessing technology to draw a practical picture of retirement lifestyles – and help members understand how their investments can align with their principles.

“Our research has shown that most members don’t spend much time thinking about how their pension money is invested but once they have the opportunity to engage they are interested in the underlying themes such as climate change, human exploitation, and fair pay.”

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