Member Communication

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Presentation from the Punter Southall Group to the TUC Member Trustee Netwrok Conference 2009

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  • hello
    Am jessica, can i know you well ?,
    please contact me truth my e-mail inbox
    (jessicajohn22@ymail.com) and i will tell you
    more of me ok?, waiting!!
    cheers!!!!!
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
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Member Communication

  1. 1. Member Communication 30 June 2009
  2. 2. Your role as trustees • Are you allowed to communicate? • How do you communicate? • What are you trying to communicate?
  3. 3. Around the room • Who are you? • What are your roles and responsibilities? • The size and type of your company? • What are two key issues that you feel need to be communicated?
  4. 4. Create a pension message • Separate into small groups • Five minutes to design a pension communication poster • Five minutes to show poster to the other groups
  5. 5. Visual media Just one type of communication media • 78% of companies use paper-based communication1 • 1.2 million severely dyslexic people in the UK workforce2 1 Punter Southall Corporate DC Survey 2009 2 British Dyslexia Association
  6. 6. Psychology of communication • Visual – Sight and pictures • Auditory – Sounds and language • Kinaesthetic – Touch • Auditory Digital – Analytical, process and structure
  7. 7. Bad communication  China manufacturin g pmi • 2007 to 2009 • Growth Figures
  8. 8. Around the room Are you allowed to communicate?
  9. 9. The Pensions Regulator • Poor administrative practices • Poor investment practices • Unduly high charges • Poor decisions in retirement • Lack of member understanding
  10. 10. Education, engagement and delivery • 60% of companies believe that employers have a responsibility towards their employee pension communication • 40% of companies do not brand their pension communication • 21% of companies leave all communication to the provider Source: Punter Southall Corporate DC Survey 2009
  11. 11. Workplace segmentation Group I High Gilt-edged lifestyles Group H Mid-life Group F affluence Group J Affluence Flourishing Advancing Group D families status Successful start Group G Modest mid-years Group L Happy housemates Surviving singles Wealthy Group B Group C Group E Group K retirement Credit-hungry Ageing families workers Group M Elderly Low Group A deprivation On the breadline Younger Lifestage Older
  12. 12. Types of communication Auto enrolment 70-90% Pension clinics 50-70% Take-up Group presentations 30-50% rates Distance marketing 10-30%
  13. 13. Communication options • Dedicated helpline and email address • Presentations • One-to-one discussions • Company intranet • Podcasts • Websites
  14. 14. Branding • Bespoke literature • A company benefit for employees • Employee recognition
  15. 15. The big message in DC pensions Charges Provider Investment Investment Contributions Appropriateness
  16. 16. The cost of delay… Age 25 £221 Age 35 £347 Age 45 £590 Age 55 £1,300 Age 25 £223 Age 35 £348 Age 45 £593 Age 55 £1,311
  17. 17. What are you trying to say?
  18. 18. Understanding • Risk • Assets • Volatility • Passive/active investment • Lifestyle Less than one quarter of pension members invest outside of the default option in 68% of schemes Source: Punter Southall Corporate DC Survey 2009
  19. 19. Is lifestyling suitable for you? Managed Lifestyle Profile 100% Contribution Percent 50% ? 0% 9 8 7 6 5 4 3 2 1 Years to Retirement
  20. 20. Pension Posters clinics Presentations E-learning Existing member E-tools presentation Standard Online Membersite Pre- Email retirement template FSA Financial seminars Wage Capability slip flyer Generic audio-cast Financial Pre-retirement Announcement Retirement Literature education communication letter Scheme Joining promotion Intranet Multimedia Reviewing your pension Salary sacrifice Tax DB to DC planning Customisation Bespoke Video audio-cast
  21. 21. Employee education • Employer duties in 2012 – Auto enrolment – Personal accounts – Impact on Pensions Credit • Retirement age
  22. 22. Summary • Clear trustee and governance responsibility • Employee education is a necessity • Employees can be targeted by a range of communication methods • Communication can be done cost efficiently
  23. 23. The assumptions made for slide 16 • The examples on slide 16 are for illustrative purposes only • They assume: – Monthly payments are level, paid gross and to retirement – Investment returns of 7% pa and charges of 1% pa apply to retirement, and FSA prescribed annuity rates apply – No tax free cash is taken – The pension is level, paid monthly in advance and guaranteed for 5 years – A 50% spouse’s pension is also paid

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