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Retirement savings

Retirement savings

Pension. Retirement savings. Workplace savings. It can go by many names, but no matter what you call it, 9 times out of 10 it switches people off.

At like minds we're on a mission to not just switch people back on, but reboot the whole system. That means clear, powerful communication to help people understand their retirement savings and connect the dots between now and then. 

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Retirement savings - The Problem
The problem....

The retirement savings landscape has changed. Flexibility in how you can take your DC savings and all the choices there are to make in the lead up to retirement means things aren’t as simple as they were.

Decisions around how much to pay in, investment strategies and how to take your money when you retire make for a confusing mix. It’s the same story for DB members too – in some cases meaning they have to make choices that they never thought they had.
 
As people we also struggle to imagine ourselves in the future, meaning it’s difficult to picture retirement and connect the importance of saving now to our future selves. Pensions aren’t instant rewards, and in a world of ‘now now now’ it can feel hard to set money aside for a vague idea of ‘someday’.

How we can help
  • Strategy
    1. Strategy

    We’ll develop your one-page engagement statement with objectives, goals, strategies and measures.

  • Focus groups
    2. Focus groups

    Focus groups can be a great window for helping you to understand the real motivations for your member behaviors.

  • Engagement audit
    3. Engagement audit

    A review of your current communication channels. This includes assessing readability, engagement of members, and how well you’re targeting specific member groups.

  • Brand and concepts
    4. Brand and concepts

    Sometimes you just need a complete makeover from head to toe. We’ll help you revamp your plan brand into something powerful and motivating for members.

  • Animated video
    5. Animated video

    Video can be one of the most effective communication tools, whatever the message. From retirement options to personalised videos, we’re here to help. Read more on personalised videos here. 

  • Design production
    6. Design production

    Video can be one of the most effective communication tools, whatever the message. From retirement options to personalised videos, we’re here to help. Read more on personalised videos here. 

Want to improve your member communication?

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Retirement savings - Why it matters
Why it matters

Over 50% of people in work are at risk of not meeting their target income in retirement (PLSA ‘Hitting the Target – A Vision for Retirement Income Adequacy’). 

That means that around 13 million people might not have enough money saved to retire. And so people not being able to afford to retire becomes a problem for Trustees and sponsoring employers too. 

By helping people understand the importance of saving for retirement and taking action now it means:

DC Plans

  • Trustees can feel more confident that they are acting in the best interests of members.
  • Sponsoring employers can refresh their workforce more easily by helping employees retire without having to work beyond their normal retirement age.

?DC Plans

  • Both Trustees and employers can reduce risk through a series of interventions but only if members understand what’s being done and what it means for them.

Both DC and DB plans

  • Members can make decisions based on their personal circumstances and the kind of life they want to lead.
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