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2021-2022 member engagement results
Throughout 2021 and early 2022, we engaged with plan members to understand their expectations, values, and priorities about two core aspects of their pension journey – member experience and the investment of their assets. The collective dialogue helps us build to meet members’ needs and helps inform our strategies and foundations.
Engagement and consultation remain core aspects of our member relationship.
Members
2022 Member engagement results
As a jointly sponsored pension plan, the perspectives and ideas of our plan members are a crucial input into shaping UPP’s path forward.
Below you’ll find the results of our engagement activities to date, featuring survey results, key themes and important takeaways. You will also find closed-captioned recordings of the Member Experience Town Halls and Responsible Investing Forums and corresponding Q&As reflecting questions asked in each session.
Have additional questions about UPP? We’ve collected the most-asked questions from our engagement activities and added them to our Frequently Asked Questions page.
Want to share your thoughts or feedback? Please reach out anything via [email protected]
01. Member experience results
In November 2021, UPP launched a member experience survey and led interactive townhall discussions with plan members on service values, priorities and expectations.
The sessions were informed by advance member questions and featured live polling and Q&A with the roughly 750 attendees.
Member experience survey highlights
Overall, while plan members of all ages have varying concerns and priorities for their pension, survey results indicate a shared desire for easily accessible information and intuitive self-serve tools that empower plan members to make their own decisions, and the assurance that expert support and guidance is there when they need it.
1,700+
Total responses
10,000+
Written comments
84%
Completion ratio
Takeaway #1
Plan member values and preferences
Clear, straightforward communication is the top-cited customer service value.
Service values
Clear, straight-forward communication
56.7%
Personalized attention
14.6%
A reliable experience
13.5%
Prompt response
12.2%
Other
3%
75%
of participants are interested in learning more about their pensions, with preference for self-serve information and tools.
Top areas of interest for learning more about pensions include:
How to maximize my pension and manage it as part of my overall retirement plan
52%
The value of my UPP pension when I retire
49%
My retirement options under UPP
38%
When it comes to managing their financial plans, plan members value independence. The vast majority of plan members want to know advice is available when they need it, but ultimately want to have the knowledge and tools to make their own decisions.
Plan values
Get advice, but make my own decisions
70.5%
Do it myself
15.1%
Have full service support
13.6%
Other
0.8%
Takeaway #2
Retirement experience and sentiment
60%
of respondents consider UPP to be their primary source of retirement income, with 68% of participating retirees feeling financially secure in retirement.
Alternatively…
79%
of active plan members feel somewhat or not prepared for retirement, indicating an opportunity for further education and support.
Overall…
UPP plan members cite “secure”, “financially sustainable” and “enough to live on” as the most important things about their pension.
Secure
27%
Financially sustainable
25%
Enough to live on
21%
Takeaway #3
Plan member services and tools
When asked about what UPP could do to support plan members on their pension journeys, active plan members indicated desire for services and tools that help them learn and develop decisions on their own:
- Savings calculators
- Access to their pension data through an online portal
- Customized prompts when a decision needs to be made
02. Responsible investing results
In March 2022, UPP launched a responsible investing survey and held interactive discussion forums with plan members on the role of responsible investing in their pension plan.
At the Forums, leaders from our investment team addressed pre-submitted member questions, previewed elements of our developing climate action plan <> and used live interactive polls and Q&A to engage in live dialogue with the roughly 600 attendees.
Responsible investment survey highlights
Generally, survey respondents indicated responsible investing as a priority for their pension investments, as a means for long-term sustainable value. The majority sentiment is that UPP’s approach to responsible investing should remain flexible, with a balance between setting hard lines and engaging on and investing in the transition to a net-zero economy. Survey responses also indicated a strong appetite for further learning and engagement on responsible investing topics.
2,200+
Total responses
1,550+
Written comments
83%
Completion ratio
Takeaway #4
Responsible investing priorities
60%
of respondents expressed the view that ESG factors should be prioritized by UPP.
While 29% noted that ESG factors should be considered, but only second to financial returns.
48%
of respondents expressed a desire for UPP to keep pace with other pension plans in terms of ESG goals.
While 39% want UPP to go above and beyond peer plans .
#1 priority
Combatting climate change arose as the #1 priority for responsible investing, followed by protecting human rights and good ethics and governance.
Top 5 priorities of a responsible investing approach
- Combatting climate change
- Protecting human rights
- Good ethics and governance
- Protecting the natural environment
- Promoting diversity, equity, inclusion, and reconciliation
Takeaway #5
Responsible investing approach
62%
of respondents prefer UPP to be flexible on investing in companies with net-zero commitments.
51%
feel that a mix of setting hard lines and engaging for change makes the most sense.
More than half of respondents prefer UPP to invest in companies that are leaders on ESG issues.
Prefer UPP to invest in companies that are leaders on ESG issues
54%
Prefer UPP to focus only on returns
23%
Want to see UPP set firm expectations for companies to address ESG issues promptly, and help those companies evolve
46%
Takeaway #6
Responsible investment education
Responsible Investing brings out a highly engaged section of UPP’s membership base with…
95%
indicating interest in how their pension is invested
And…
86%
interested in learning more about UPP’s investment approach
However…
70%
describe themselves as only somewhat or vaguely familiar with responsible investing, suggesting a desire for more education on the topic.
Echoing the member experience results, 67% of plan members would prefer to receive information via e-mail newsletters.
62%
of plan members would consider participating in a Responsible Investment research partnership.
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