Better DC Decisions Workshop: Using behavioural science to improve fund decision-making

Registration & breakfast

Welcome & introduction to the day

Lynda Whitney

Behavioural Science - what it is and how to apply it to trustee decision making

This session will offer key insights into behavioural science, why it is important, and how we can use it to make better decisions for both ourselves and members. Hannah Lewis will share the key findings from Behave London's research with Aon into individual trustee decision making and techniques and tools you can use to help your fellow trustees make better decisions.

Hannah Lewis, Founder, Behave London

Refreshments & Networking Break

Understanding behavioural bias to enhance trustee effectiveness

This thought-provoking session will profile a typical Trustee board and explain how group behavioural bias is impacting Trustee meetings and decision-making. These valuable insights will help you ensure you have the right structure, processes and people involved in the running of your pension scheme, transforming biases into strong Trustee effectiveness and enhancing governance.

Susan Hoare, Head of Governance and Trustee Effectiveness, Aon

Better DC default investments

This session will question what it means to have member’s making active investment decisions with their retirement savings based on local and international experience. We need to keep it simple for members but this doesn’t mean simplifying the investment strategy. There a number of areas where default investment strategies can be improved, including individualising each member’s investments.

Chris Inman, Investment Principal, Aon

Lunch

Behavioural member communications

This session will take you on a rapid tour of how Behave London have applied behavioural science to member communications and tested the results, with practical tips that you can take away and use in your own schemes, such as:

• Using language to prompt action
• Increasing savings rates
• Getting members to make decisions

Hannah Lewis, Founder, Behave London

Putting It Into Practice

In this interactive session, you’ll be doing the thinking. Our speakers will demonstrate how to use all the techniques discussed in the earlier sessions, as we work through the decision-making process on whether or not to offer default drawdown for members, including the hurdles you might face either way. Your Aon table hosts will facilitate the discussion, with input from the team.

Lynda Whitney, Partner, Aon

The decision: Offering Pre-selected Drawdown Providers at Retirement or Letting Members Flounder?

Before we get into your deliberations, Sophia will act as your adviser and give you some background on the hurdles and benefits of selecting a preferred drawdown provider.

Sophia Singleton, Partner and Head of Defined Contribution Consulting, Aon

Some of the Tools

We will guide you through the process of using some of the tools including using a Pre-mortem

• Tackling the moral arguments
• Considering the legal arguments

Tactics for generating the best strategy ideas

Susan Hoare, Head of Governance and Trustee Effectiveness, Aon

Closing Remarks, and why you want to treat members fairly

Hannah Lewis, Founder, Behave London, Sophia Singleton, Partner and Head of Defined Contribution Consulting, Aon, Lynda Whitney, Partner, Aon

Afternoon Tea & Networking