Insights to support your pension clients

Data and insights are essential for any well-run firm, as they help you fully understand the needs, behaviours and vulnerabilities of your clients.

Accessing data and understanding what it means for your business can be tricky and time consuming. Our Business Development Managers use our rich internal data to save you time and help you spot opportunities to offer advice, improve client outcomes and prevent foreseeable harm.

Individual and workplace pension client insights

For individual and workplace pension clients, our Business Development Managers can share insights that can:

• Help your clients avoid foreseeable harm: we can provide information on clients:   
  • whose regular contributions haven’t changed over a specified period 
  • who have reduced their pension contributions   
  • who have funds in cash and may be at risk from the impact of inflation 
  • with self-selected funds who aren’t invested in an investment strategy  
  • with self-selected funds who’ve switched funds several times within a twelve-month period 
  • whose income withdrawal, over a year, is more than 10% of their fund value and may not be sustainable  
  • whose annual contributions have exceeded the £60,000 threshold  
  • who are missing out on personal allowance, such as clients earning between £100,000 and £125,140 who still have net adjusted income above £100,000 after pension contributions
• Help your clients stay on track for retirement: by reviewing their current savings and contribution levels, our insights can help you understand which Pension and Lifetime Savings Association (PLSA) retirement living standard your clients are on track for 
• Flag suitable times for regular reviews: we can share details of upcoming plan anniversary dates, so you know when to conduct yearly client reviews 
• Highlight when clients are nearing their chosen retirement age: this can help you have the right conversations, at the right time, to help clients understand their options
• Help you spot clients who are likely to transfer their pension savings to Royal London: this data is based on existing customer demographics and behaviours, who've transferred pension savings to us  
• Help you spot clients with a history of making single contributions: this data can prompt you to have relevant and timely conversations.

Additional data to support workplace pension clients

If you offer workplace pensions advice, we can also provide data to help you understand if any members are missing beneficiary details, or if any of your schemes: 

• Have an average total contribution value less than 8%: this indicates a potential need for education on how much members should be contributing to their pension
• Have direct offer but no transfers have taken place within the six-week window: this could suggest a need for more employee engagement and education
• Consist of high earners with salaries over £50,000: this can indicate an opportunity to advise on child benefit tax implications and how your client could recover tax allowance through their pension contributions.