Multinational hotel organisation InterContinental Hotels Group (IHG) has introduced an online retirement planning tool to help staff achieve their savings goals.
The Guided Outcomes (GO) tool, provided by Hymans Robertson, will enable 842 active members and 497 deferred members of the IHG defined contribution (DC) pension scheme to set retirement income targets. The tool will also help employees to make decisions that will help them reach their desired savings goals.
The introduction of the tool aims to support IHG and the trustees of the IHG pension scheme in gaining a deeper understanding of the pension scheme membership, and improve member outcomes and boost engagement.
The online tool will enable IHG to review members’ plans, examine how changes, such as different contribution rates or adjusted retirement dates, could impact members’ outcomes, and identify segments of the pension scheme where specific messages may be needed.
Alongside GO, IHG also uses a communication platform, provided by Aegon, to engage members with the pension scheme.
Keith Sully, head of pensions at IHG, said: “We could clearly see the potential of [the tool] and in particular how it could help us determine what we could do to influence our members’ savings goals. [The tool] will allow us to segment member groups and to tailor our communications about their pension savings in a more targeted way. This will ultimately help our members plan better for their retirement and will also help them to take advantage of the attractive benefits that the plan offers.”