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Excellent DC Pensions Communications from Around the World

Posted by on Jun 25, 2010 in Retirement | 0 comments

Defined Contribution pension plan members in the UK have low engagement with their retirement benefits. To help address this important issue, nine leading UK pensions industry firms sponsored a project in early 2010 to learn from examples of pensions workplace communications excellence outside the UK, around the world.

Getting Personal was an initiative by a UK firm, Spence Johnson, who backed by some of the leading participants in DC Pensions in their country to look for DC pensions communications excellence outside the UK. This brought them to the US, Australia, Canada and elsewhere in Europe.

During February and March 2010 the project team at Spence Johnson collected 90 DC communications campaigns from leading pensions communicators across 9 countries in these regions. The sources of their campaigns included a wide variety of specialists including Trustees, investment and benefits consultants, Administrators and record keepers, communications consultants, asset management firms and trade associations. The Association of Canadian Pension Managementwere involved in this initiative.

The full project report delivered details on all the campaigns, showed the strategy behind each one and was spread over 400 pages. Fourteen key pensions communication themes emerged from the analysis:

  1. Simplification of complex ideas
  2. Creative ideas/graphics
  3. Call to action
  4. Segmentation of audiences
  5. Personalisation of messaging
  6. Multi-channel approach
  7. Latest technology
  8. Communicating in person
  9. Earning of Trust
  10. Research drives the message
  11. Low cost approaches
  12. Adaptability and flexibility
  13. Testing and refinement
  14. Phasing of initiatives

In the full report 10 predictions for the future were offered up, five of which are summarised here. Finally the report offered up six Tips for Better Communications.

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