More than 400 pension professionals attended the event and were asked what they see as the greatest opportunity for positive impact from AI in pensions.
Nearly half (42%) said that the greatest opportunity would be “Improving operational efficiency and cost”, followed by just over a third (34%) who opted for, “Supporting member advice and guidance (helping close the advice gap)”. Around one in ten thought that the biggest opportunity presented by using AI was either “Enhancing data quality and analysis” (12%) or “Improving advice quality and reducing manual error and rework” (11%). Only 1% chose “Faster issue identification and resolution (e.g. complaints, breaches).”
SPP member and Partner at LCP, Helen Howell, who chaired the event, said: “The results of this industry polling highlight that pension professionals see AI not simply as a new technology, but as a practical tool for addressing some of the sector’s most pressing challenges. While improving operational efficiency and reducing costs remain the most immediate priorities, it is particularly encouraging that so many pension professionals also recognise AI’s potential to support member guidance and help close the advice gap. As AI adoption becomes universal across the pensions industry, the focus is increasingly shifting from whether firms should use AI to how they can use it responsibly and effectively to deliver better outcomes for schemes, employers and members.”
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