Accenture surveyed public and private employees to find out what they really think of their pension plans and retirement readiness. Four critical takeaways? Members value their pensions benefits as much as their healthcare benefits. People may not be as prepared for retirement as they think they are. The hunger for digital retirement services like coaching is intensifying. And opportunities abound for pensions agencies to engage members at all phases of the pensions lifecycle, balancing member needs with fiduciary responsibilities.

1. Whatmembersreallythink
oftheirpensionplansand
retirementreadiness

2. 22Copyright © 2018 Accenture. All rights reserved.
SERVINGMEMBERS
STARTSWITH
UNDERSTANDINGTHEM
That’s why we asked nearly 2,800 public and private employees
with defined benefit, defined contribution and hybrid plans their
views on top-of-mind pensions and retirement topics.
Here’s what we learned.

3. 33Copyright © 2018 Accenture. All rights reserved.
MEMBERSVALUEPENSIONSPLANSASMUCH
ASTHEYVALUEHEALTHCAREBENEFITS
say pensionsbenefits
arecriticalto accepting
employment.
stay withan
employerbecause of
retirement benefits.
would trade a 20%pay
cutfor a bigger company
401K contribution.
73%78% 42%

4. 44Copyright © 2018 Accenture. All rights reserved.
MEMBERSARECONFIDENTABOUT
TOMORROW’SSAVINGS…
Feeltheywill
haveenough
savingsto
retireat 65.
64% 57%Baby Boomers
(ages 53 – 71)
62%Generation X
(ages 38 – 52)
70%Millennials
(ages 20 – 37)
Olderworkersareless
confidentthanyounger:

5. 55Copyright © 2018 Accenture. All rights reserved.
Feelthey
haveenough
savingsthat
theycould
retiretoday.
11%
27%Traditionalists
(ages 72+)
17%Baby Boomers
(ages 53 – 71)
Confidencelags forthoseat
or pastretirementagetoo:
…BUTTHEYAREN’TCONFIDENT
ABOUTTODAY’S

6. 66Copyright © 2018 Accenture. All rights reserved.
HOWDOMEMBERS
EXPECTTOGET
FROMTODAY
TOTOMORROW?

7. 77Copyright © 2018 Accenture. All rights reserved.
MOSTMEMBERSTHINKIT’SIMPORTANTTO
STARTSAVINGFORRETIREMENTWHENYOUNG
41%
think the best time to
create a plan is between
the ages of 21and30.
4030
39%
started planning
for retirement
during their 20s. 32%
think the best time to
create a plan is between
the ages of 31 and40.
20
(AGE)

8. 88Copyright © 2018 Accenture. All rights reserved.
MEMBERSAREHUNGRYFORINFORMATION
77%want more
knowledge about
retirement options.
1/3think they have the
right investments in
their portfolio now.
82%want more education
on planning.
8

9. 99
20%rely on self research.
19%rely on their employers.
MEMBERSMOSTLYRELYONTHEMSELVESOR
THEIREMPLOYERSFORINFORMATION
Copyright © 2018 Accenture. All rights reserved.

10. 1010Copyright © 2018 Accenture. All rights reserved.
40%
have not sought
help to date.
1/2
say their employer
doesn’t provide
coaching.
BUT…
MEMBERSSEETHEVALUEOFCOACHING
84%
would like to be
coached during their
entire working life to
prepare for retirement.
would be less
concerned about
retirement if they
had a coach.
69%

11. 1111Copyright © 2018 Accenture. All rights reserved.
MEMBERS ARE
OPEN TO DIGITAL
RETIREMENT COACHING
While current usage is low—for now—members show a high
interest in using digital channels like webinars, mobile apps,
mobile alerts and web chats to receive retirement coaching.

12. 1212Copyright © 2018 Accenture. All rights reserved.
KEYTAKEAWAYSFROMTHERESEARCH
PENSIONS ARE THE NEW HEALTHCARE
Healthcare has been in crisis for years in the United States.
Pensions is on a similar trajectory. There is renewed
demand for pensions as an employment benefit. And the
push-and-pull between adequate pensions benefits and
fund sustainability makes pensions an equally big social
and economic challenge.
1

13. 1313Copyright © 2018 Accenture. All rights reserved.
KEYTAKEAWAYSFROMTHERESEARCH
FEELINGS ARE NOT FACTS
Most members feel they will be able to retire at 65.
But this may be false confidence, based on thinking,
not knowing. There’s an information and education
gap that pensions agencies can fill, helping people
truly understand what they need to do across their
employment journey truly prepare for retirement.
2

14. 1414Copyright © 2018 Accenture. All rights reserved.
KEYTAKEAWAYSFROMTHERESEARCH
DIGITAL IS THE ELEPHANT IN THE ROOM
Members want digital services, and they get them in all other
facets of their lives. Digital coaching services help members
get value from the volume of data out there through highly-
personalized advisory services. And pensions agencies help
thousands of members on each person’s terms. A win-win.
3

15. 1515Copyright © 2018 Accenture. All rights reserved.
KEYTAKEAWAYSFROMTHERESEARCH
RETIREMENT IS THE NEXT CAREER
Just like they would for any job, people need to get
educated for their retirement “career.” Everyone does
it differently, based on everything from information
thresholds to personality type. When pensions agencies
really understand their members, they can engage
them at all phases of the pensions lifecycle.
4

16. 1616Copyright © 2018 Accenture. All rights reserved.
QUESTIONS EVERY
PENSIONS AGENCY
SHOULD ASK:
• Do you know what your members expect from you?
• Are you interacting with members on their terms?
• How will you balance meeting member needs and
protecting objectivity and new fiduciary responsibilities?

17. CONTACTS
ABOUT ACCENTURE
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40
industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection
of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With
more than 435,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the
world works and lives. Visit us at www.accenture.com/pensions
Owen Davies
Managing Director,
Pensions Industry
Teri Bennett
Senior Manager,
Pensions Industry
Eyal Darmon
Managing Director,
Pensions Industry