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Pension scheme governance: reviewing your communication strategy

Wednesday, 28 November 2018

Despite auto-enrolment, one of the biggest challenges for pension sponsors is getting people engaged with saving for their futures. Many members have low levels of engagement with, and understanding of, pensions.

As an employer you should be regularly checking to make sure your communications are making an impression on your members and prompting them to act.

The changes members make have the biggest impact on their retirement outcomes, so communication should be a governance issue.

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Appeal to all audiences

With 5 different generations now in the workplace, all engaging very differently, it’s important to make sure your communications appeal to all audiences. Some will want to do everything online, whilst others will want to speak in person.

A sound communication strategy is crucial to help your employees achieve the good outcomes they desire later on in life.

Here are 4 areas that should be central to your strategy:

Engaging

Ensure that scheme communication is accurate, clear, understandable, engaging and it addresses the needs of members from joining to retirement.

Awareness

Ensure that members are made aware of their current investment strategy and what this means for them.

Informed

Ensure that members are regularly informed that their level of contributions is a key factor in determining the overall size of their pension fund.

Retirement

Clearly communicate to members the options available at retirement in a way which supports them in choosing the option most appropriate to their circumstances.

Find out more

Download our ‘Pension scheme governance: achieve good outcomes for your members’ guide to read more.

Author: Joshua Croft, Associate Consultant