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Communicating in Scenarios : Towards Improved Participant Decisions Regarding Retirement

Otten, Wouter (2020) Communicating in Scenarios : Towards Improved Participant Decisions Regarding Retirement.

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Abstract:At the end of their working life, participants of a pension fund make a decision regarding their retirement: the pension decumulation choice (PDC). However, this pay-out phase decision proves to be complex as it is subject to financial uncertainty over a long time horizon. Therefore, not all participants may be able to make a well substantiated and financially adequate PDC. A new communication method with the purpose of better informing participants is the ‘Uniforme Rekenmethodiek’, presenting the dispersion in pension outcome in three scenarios. This study conducts a survey among Dutch pension fund participants to measure the impact of communicating this uncertainty on PDC decision-making. We find that communicating in scenarios significantly influences decision-making, especially when the dispersion of outcomes is presented over a longer time horizon than the statutory pension age. Besides, a large percentage of the participants evaluates their decision as better considered from this information. This implies that communicating in scenarios is a potential next step in improving retirement decisions. Yet, incompletion percentages and reactions to our study imply that communicating scenarios is perceived as complex by certain subsets of participants. Hence, the pension sector faces a trade-off between information provision and complexity.
Item Type:Essay (Master)
PGGM, Amersfoort, Nederland
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:05 communication studies, 70 social sciences in general, 85 business administration, organizational science
Programme:Industrial Engineering and Management MSc (60029)
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