GO ScottishPower - A DC savings revolution
31 Aug 2017
Having advised ScottishPower’s defined benefit pension scheme for many years, when the energy firm needed help with its defined contribution (DC) plan, we were the natural choice of adviser. Open since 2006, the plan has around 2,500 members but employees were not actively taking decisions; resulting in low retirement saving levels.
To help achieve its DC goals, ScottishPower appointed Hymans Robertson. Using the market-shaping Guided Outcomes (GO™) analytics and portal, ScottishPower transformed member engagement and savings levels.
Initially, GO analysis assessed the plan’s current position and identified the key issues. ScottishPower already knew that not all members chose to pay contributions levels that attracted the highest employer match amount.
While this indicated members were not saving enough for retirement, GO analysis quantified the exact degree of under saving and why. Analysis showed that a significant number of members were not on track for sufficient retirement income, with the shortfall most pronounced among higher-earning employees.