Helping Members run their schemes, June 2023 update
14 June 2023
Fortunately, I need not have worried, as the results were mostly positive, but inevitably they highlighted some areas where we need to develop. Thank you if you were one of the 147 respondents (quite a good response rate), as your input fuelled a very useful discussion among our Management Team. The PLSA Board will also take a close look at the results in their next meeting.
So, what were the main findings?
- The results showed positive perceptions of the PLSA’s performance across our range of activities. 92% of Fund Members /Master Trust Members said they would be ‘very’ or ‘fairly’ likely to recommend the PLSA to another organisation.
- Perhaps most encouragingly, Fund / Master Trust Members’ perceptions of ‘value for money’ had improved from 75%to 87% giving a positive rating - a very high score for this kind of survey.
- The top three member benefits highlighted by Fund Members were our Policy work, industry knowledge through events / training and keeping up to date with the sector.
- Our Policy work on Pensions Dashboards, Responsible Investment, DB Funding and Cost Transparency was rated the most relevant to members.
- ‘Lack of time / capacity’ is the key barrier stopping some of our Fund Members from attending our conferences. We know it’s essential that we maintain a strong online service as well and we have significant plans. Watch this space....
- Almost a third of Fund Members said their DB scheme is likely to get to buy-out in the next 5 to 10 years. The PLSA will need to continue developing our services to keep pace with consolidation across the industry – in both DB and DC.
I hope this doesn’t sound complacent – the results were positive. We also know there is scope to do more to represent and support you and to bring members together in ways that suit your diaries and circumstances – both in person and online. And of course, if you want to discuss your own ‘take’ on PLSA services, then please contact me on [email protected].
Thank you again for your support for the PLSA.