Tool for trustees
The LifeGauge Comprehensive analysis can assist trustees in reviewing the results of their LifeGauge outcome compared to various sectors. It also provides detail within the industry to give guidance to trustees on the fund’s potential outcomes and to support appropriate advice with regards to design.
The LifeGauge Comprehensive provides a comparative overview of the following statistics:
- Number of members
- Replacement ratio
- Number of funds in the sector
- Average gross contribution
- Percentage membership gender split
- Average retirement age
- Generational split and outcomes
- Industry comparison
- Preservation index
Conclusion
In conclusion, the Member WatchTM provides a high level overview of the trends and, importantly, provides a clear indication of member behaviour. Using the LifeGauge Comprehensive tool, trustees can benchmark their own funds to better understand what levers can be used to improve member outcomes.
In addition, the results highlight how important it is for members to have access to communication and advice to make better decisions over their lifetime to improve their long-term financial well-being.