In this latest blog our Senior Communications Manager dives into her top tips for great pension scheme member communications.
Nichola has over 10 years’ of experience in the regulated financial industry, focusing on various aspects of UK and International pensions in senior management roles. Nichola’s practical experience in managing pension schemes and supporting members, employers, and Financial Advisors complements her extensive knowledge. She has successfully led operational projects, including system migrations, company rebranding, and initiatives to enhance systems and processes. Nichola has an eye for developing and managing internal and external communications, including press releases, crisis communication, and brand messaging.
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In the pensions industry, communication is more than just a box to tick—it’s a crucial aspect of how schemes connect with their members. From simplifying complex information to targeting different age groups, communication builds trust, drives engagement, and empowers members to make informed decisions. updates. Schemes need to focus on delivering effective, clear messages that help members understand their options, build trust, and make better choices about their financial future.
This all sounds straightforward, right? So why do schemes often struggle to get this part right? How can we ensure that messages truly resonate?
Let’s face it: pensions aren’t the most thrilling topic! However, they can become more engaging with clear, targeted communication. Strong communication can spark interest and drive meaningful engagement.
Get with the times – know your customers
Regular updates, educational content, and interactive tools can make members feel more involved in their financial planning. Schemes should encourage members to check their contributions regularly, adjust their investment options, and stay informed about changes in legislation. Simple changes like these can significantly impact how members perceive and interact with their pensions. Some schemes are already seeing positive results from these communication enhancements and readily available information.
Another crucial aspect is ensuring that communications reach the right people. Are the messages tailored to different demographic groups? Are the appropriate channels being used? Younger members might prefer digital platforms, while older members may appreciate more traditional methods. Understanding your audience allows schemes to adapt their approach for greater effectiveness. Additionally, sending out member surveys about communications can be highly valuable. These surveys help identify the most effective communication methods for your audience, ensuring engagement by aligning with their preferences.
Delivering ‘bad’ news
Proactive and honest communication, especially during times of market volatility or regulatory changes, is essential for building and maintaining trust. Schemes should develop a well-structured crisis communication strategy that includes regular updates tailored to the situation. For instance, during market fluctuations, members may benefit from more frequent, concise updates that reassure them. Striking the right balance in communication frequency is key—too much can overwhelm members, while too little can leave them anxious. The goal is to keep members adequately informed without causing unnecessary stress.
Other support for schemes needing help with comms
Many pension schemes handle their communications in-house, which works well for routine updates and statements. But when it comes to more complex messaging, that approach can sometimes fall short. This is where KBPR can help! We specialise in crafting communication strategies that help schemes navigate tricky scenarios—whether it’s a crisis, a major regulatory change, or simply engaging a diverse member base. With our tailored approach, we ensure every message resonates with members, builds trust, and reinforces your brand values.
Keeping members in the loop about industry shifts—and changes within their own pension scheme—can make all the difference in how they approach their retirement planning. It’s not just about ticking boxes; it’s about getting to know your members on a deeper level, understanding their unique needs and preferences. When things get complex, don’t hesitate to bring in the experts! By making communication a priority, schemes can create a better customer experience and foster genuine engagement.
With the pensions dashboard looming, your clients will naturally have more questions and engage more with their pension schemes, making this the perfect time to set out your communication plans, ahead of what will undoubtedly be a very busy period for the pensions industry.
Please get in touch with our team of experts here to kick-start your communications journey today, or reach out to our Senior Communications Manager, Nichola, directly:
Phone: 07914133815
Email: nichola@kbpr.agency
