How improved employee communication resulted in better engagement in the pension scheme
A city based media company with around 3000 members in a closed defined benefit pension scheme.
The trustees were concerned that their communications with members had fallen into an annual cycle of a trustee newsletter and benefit statements for some members. Feedback from employees was that the scheme communication was seen as to technical and frankly dull to be bothered with.
We sat down with the scheme administrators and over the course of six months developed a bespoke web portal which now enables members to access their data 24/7, update changes of address or expression of wish forms and most importantly carry out ‘what if’ calculations. The web portal is now used by pensioners to access their payslip and P60 certificates, although they can still request paper copies if required this is less than 2% of all pensioners.
The Trustees annual newsletter is posted to members as well as put onto the website although this will be considered again in the light of member feedback.
Videos’ have been added to the web portal which cover topics such as the pension awareness on scammers who are after stealing members hard earned pensions and understanding investment risk.
A survey of scheme members has shown that member engagement levels have soared and postage costs have fallen as members can now do more for themselves.