The world has changed exponentially in 2020, leading many multinationals to ask valid questions about how they can enhance their global operations. As a significant expense for any business, pensions and benefits have come into the spotlight.

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More than ever, the pressure is on for benefits teams to demonstrate that they are taking steps to minimise spend and avoid curbing revenues, while ensuring that the limited resources available are directed to those areas that will secure the best possible outcomes for workers in retirement. An increasing number of firms have woken up to the fact that outdated, static data sets are simply insufficient when it comes to making critical decisions around pensions.

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They are seeking to harness new technology to understand how they can drive value across the membership and the wider organisation. While every organisation’s aims will be different – from enhancing governance processes to centralising operational costs – there are five key reasons to invest in better pensions data technology. 1. Improving member outcomes Taking steps to shave even a few basis points off asset management fees can bolster members’ long-term outcomes. Those with the ability to access data on what others pay can take a more holistic view on costs and charges in each region. In doing so, some firms have discovered that they were paying different fees to the same manager across a range of countries and have been able to negotiate prices down.

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