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Changing the way members think about their pension

Morgan Sindall

the problem

Although automatic enrolment meant that the majority of employees across the Morgan Sindall Group were members of the pension, very few were increasing their contribution levels from the minimum or moving into the main Plan and therefore potentially not saving enough for their retirement.

Our brief was to re-engage members with their pension, make it more accessible and more relevant and encourage members to make contribution and investment choices.

 

the solution

Working with the Trustees, we developed an agreed engagement statement articulating what they wanted to achieve. The primary focus was to ensure that members would know:

  • What kind of outcome they should be aiming for
  • What the gap was between their current level of savings and their target
  • What they could do about it

We renamed the plan the Retirement Savings Plan instead of the Retirement Benefits Plan and talked about saving for retirement rather than having a pension. This is a subtle shift in how we framed the conversation about retirement saving which helped when talking about the choices that members have from age 55. We then completely re-designed the way the plan was described and communicated to members.

Using the theme ‘Fit for the Future’, the new visual brand is eye-catching and completely different from anything they’ve had before. Instead of having lots of different booklets we’ve incorporated everything into the new website which is organised according to where people are in their savings journey under the headings – Save, Grow, Plan, Spend.