The vast majority of retirement professionals are interested in using technology to streamline pension scheme processes, according to a Barnett Waddingham survey.
Its poll of over 80 industry experts, including trustees and pension managers, revealed that almost half (45%) would use technology to streamline processes to reduce pension scheme expenses.
One in five (21%) said the most important use for technology in pension schemes was to allow focus on advice, rather than calculations, while the same amount said it would help member engagement and understanding.
Also some 96% of the retirement professionals said technological advances over the past five years had been overall a benefit to the running of pension schemes.
But Paul Hamilton, partner at the actuarial firm, said more work still needed to be done across the industry to ensure that people were able to use technology in the way that worked best for them.
He said: 'The vast majority of respondents appeared interested in electronic meeting papers, but less than a third of schemes are doing so in a coordinated way.
'There are many similar, but different online actuarial tools available now, with no clear consensus on how these should be used.'
The survey found that although nearly 73% of respondents were aware of online actuarial tools, less than 10% had used them and around one sixth (16%) believe 'they often sound impressive, but don't practise in them'.
Of those in favour of such tools, the majority felt that using it as part of consultancy advice worked well.
Looking ahead, around 29% of those polled believe that in five years time online modelling tools will be the main driver for members' decisions about how to draw defined contributions benefits in the majority of cases.
However, two-fifths (40%) said online modelling tools will be the main driver, but a significant proportion of members will also get face to face advice. Only 1% of respondents said that modelling tools are not an effective way of communicating with members.
