An introduction to Smart Governance
Comprehensive management information (MI) is vital for good pension scheme management.
As part of our commitment to helping employers, we’ve created a time-saving online tool called
Smart Governance. It’ll give you confidence that you’ve done all you can to help your employees prepare for retirement and encourage them to value the benefits on offer. It’s a complete governance reporting solution.
The key features;
- it provides an easy to understand governance report – without having to interrogate the data;
- helps you understand the retirement savings position of your employees by monitoring whether they’re actively involved with their pensions. And whether they require support or direction in making appropriate contributions and investment decisions;
- highlights key areas that you may want to address such as ‘under saving’ and ‘nearing retirement’, so you can improve employees’ retirement outcomes, using a simple alert system;
- encourages you to take corrective action by enabling you to engage and educate selected employees through the issuing of auto-generated and targeted emails, and
- provides you with follow up reports to measure the success of these communications.
How can Smart Governance help?
It’s designed to help you with governance responsibilities and initiatives stemming from the Department for Work and Pensions (DWP), Office of Fair Trading (OFT) and The Pensions Regulator (tPR).
The complex governance data is presented in a way that’s simple, minimising administration, through the use of charts and graphs so that your governance committee can more easily understand the information.
Smart Governance is offered as a chargeable optional extra, please speak to your Aegon contact for full details or contact us and we’ll help you get set-up.
Compare Report Zone and Smart Governance
|Feature||Report Zone||Smart Governance|
|General scheme information||Yes||Yes|
|Member specific information - for the employer||Not applicable||Not applicable|
|Member specific information - for the adviser||Yes||Not applicable|
|Suitable for scheme governance||Yes||Yes|
|Highlights key area of the scheme to review||Not applicable||Yes|
|Option to deliver messages to employees||Not applicable||Yes|
|Additional charge for the service||Not applicable||Yes|