The tool is designed to address the issue of complex pension documents that deter members from engaging with their pensions. According to Citizens Advice, 27% of pension scheme members do not understand their pension plan*, often due to lengthy and complicated documents.
XPS Syntax, a free service, allows pension scheme trustees and administrators to assess the readability of their communications, aiming to improve understanding and outcomes for pension scheme members. It generates a report for individual documents rating three key areas of readability, accessibility and inclusivity
Steve Leake, Partner, XPS Pensions Group said: ‘We know that long, jargon-filled, and unreadable pensions documents are turning people off from engaging with their pensions. When members are more engaged with their pensions, they are more likely to make sound financial decisions. Our new technology will for the first time allow those running pension schemes to see how understandable, accessible and inclusive their communications are, and help more people get active in managing their money.”
Oliver Payne, International Pensions and Data Analytics Manager, Ford Motor Company Ltd said: ‘XPS Syntax is fantastic. It’s an innovative and powerful tool that uses data and analytics to digest any pensions communication and create an independent review of its quality. It’s great to see this kind of innovation and I hope to see it benefit members by raising the standard of pensions communications across the industry.’
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