In the first of our video series we explore the key things that members of pensions schemes might be thinking about right now.
What do members want and need to know during this crisis? And what do trustees need to be thinking about to increase engagement?
Read our summary below, watch the video, and click 'Let's talk' to find out how we can help.
- People need to be reassured that their schemes will survive this period of economic uncertainty, and their pensions will be safe.
- They need a steady stream of information, even if it is there is no specific update.
- It is important for schemes to keep communicating with their members right now:
- So that members know it's business as usual;
- Their pension is safe, albeit DC funds are facing volatility (if they're far from retirement) but they should level out of time, or (if they're closer to retirement) their pension will have been moved into less risky assets if this is the case. In the case of DB, they won't be affected; and
- If there are complex scheme issues then communicate them in plain English.
- Use videos to communicate so that messaging is clear, human and real. A great way to do this would be messages from the Chair, management team or their peers.
- Create an FAQ section dedicated to Covid-19.
- Be consistent and increase your communications so members know they're in safe hands. Drip feed information so members can steadily digest information and react to any requests from the scheme.
It's time for change
- This crisis has proven that the world is moving in an increasingly digital direction, and that is how people will want to consume information if they don't already.
- Now is a time when schemes can be looking at moving away from traditional paper-based communications, and migrating online.
- Digital means you can contact people wherever they are reducing costs of printing and postage and response time.
- If you're creating digital content already, or planning to, you need to make sure that it stands out.
- In times of economic difficulty, and with so much else going on, people may forget the importance of keeping up their pension contributions.
- People will be questioning how being furloughed might affect their pension benefits. Tell them so that it comes from a reliable source.
- Trustees ought to remind their members that it’s really critical to keep saving for their future, because we will emerge from this period of difficulty and one day they’ll need those savings.
- The world is changing on a daily basis at the moment, including the way we work. According to the ONS, only 30% of UK workers experienced working from home in 2019. A lot of people aren't used to WFH, and employers can be making sure that they're keeping an eye on people's mental and physical wellbeing.
- Employers should be asking themselves if they’re doing enough to support their staff during this time.
- Work with your HR team to find ways to that encourage your teams to be open and raise any worries or concerns that they're having.
- Create communications and guides addressing wellbeing advice and combined this with some of the ideas already mentioned. You have your members attention like never before to take this opportunity to help them now and encourage financial wellbeing also.
If this sounds interesting to you but like so many your attention is focussed on other matters then we can help. Here's how:
- We're experts in tone of voice, so we know how to communicate difficult messages and encourage people (whilst being respectful of the current circumstances) then we can help.
- Our digital and creative teams are experts in providing tailored advice that will really make your content stand out online.
- We can produce videos, leaflets, emails or website updates to name but a few, as well as supporting trustees in getting across this message.
- We can help by scripting videos, editing, as well as providing technical support.
- We can help to write FAQ sections dedicated to Covid-19.
- We can create other ad-hoc communications that will help you react effectively.
- Enjoy the video. Let us know what you think and keep going. You will be remembered.
The world may never be the same again, so let's make it a better one.