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ARTICLE · 19 JUNE 2023

Your Pension And AI

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With innovation on the government's agenda and across the financial services sector, is AI set to transform how pension schemes are run?

United KingdomEmployment and HR
Katie Whitford (Sackers)
Katie Whitford (Sackers)

With innovation on the government's agenda and across the financial services sector, is AI set to transform how pension schemes are run?

The regulatory framework for AI is still at early stages, with the UK's 'pro-innovation' policy proposals published in March 2023. As with the metaverse, it is difficult to predict all of the potential applications of AI. What we do know is that AI is predicted to transform financial services, and the pensions industry is no exception.

For some schemes, AI may already be in use, or be in development, to help streamline everyday tasks. Examples here include:

  • Administration: managing the member data that pension schemes need to operate effectively, spotting gaps and helping to fix them

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