On another day when they offered a choice of only six types of jam, 10 times as many customers did make a purchase - even though there was no money off coupon and the price was higher.
More isn't always best
There are lots of studies similar to this supporting the argument that more isn’t always best and that too much choice can be confusing, even with something as relatively simple as jam. But choice is good for us. Good choices are the decisions that keep us moving in the direction we want to go. However, different people presented with the same options will often make different choices that lead to different outcomes.
Going back to our jam analogy, if you’re one of the 100's of independent schools reviewing their teachers’ pension scheme options you may be facing a similar psychological test.
There are ready-made pensions targeted at schools that could potentially make some aspects of your decision-making process easier, but like many ready-made solutions these arrangements are unlikely to fit everyone perfectly. The fact that they are ready-made means they have not considered your school’s specific needs and unique staff demographics. Instead they have probably been designed for a broad target market and whilst some schools will fit that mould, others will not.
Just like jam in the supermarket, there is plenty of choice in the workplace pensions market. Unlike jam, however, it is critical your pension scheme decisions are good ones given that your choice and design of pension scheme could have a pivotal role in determining the future livelihoods for so many people.
Meet the needs of your school and staff
The result will ultimately come down to the quality of your decision-making process, making sure you thoroughly consider all the relevant factors of your pension scheme provision, including any other associated employee benefits, and fully exploring your options to ensure your choices best meet the needs of your school and staff.
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