74: DC: The power of data science

Many pension schemes store a huge amount of member data. But this is often difficult to access, incomplete or inconsistent, and stored in multiple formats – PDFs, spreadsheets and others. Schemes struggle to analyse their data, develop sample user personas, and make predictions about future trends and behaviours, let alone support members in improving their pension choices to improve outcomes. Our episode this week explores how schemes can put this wealth of data to use. Trustees need to be able to cut through the noise of unnecessary data and find the insights in their specific members’ behaviour. For instance, member communication might not only better show their future total pension pot but also how they compare with others in the demographic group – are you saving more or less than people in a similar position?  In an environment where trustees and scheme managers are time-poor, data-rich, and finding underlying information a struggle to organise, a one-stop-data-shop can provide a clearer picture of your scheme. Read Stuart’s full article here: https://www.lgim.com/uk/en/insights/our-thinking/client-solutions/the-power-of-data-science.html?cid=lgimtalks ·         Stuart Murphy, Head of DC Client Management, L&G ·         Peter Jackson, Director of Group Data Sciences, L&G We want to hear from you! Email us at [email protected] with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal & General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal & General Investment Management.