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.
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:
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.
The website was launched to members in June 2018 with a series of posters, a flyer and email teaser to get retirement savings back on employees' radards. 1 in 6 members of the Plan accessed the site in the first month with 41,000 page views, showing that those who visited the site spent a fair amount of time looking through.
It also resulted in an almost 5% increase in members registering to access the secure admin site and 1,000 visits from members reviewing their investment choices. Just over 20% of the membership have now registered for the secure website with a further 11% part way through registration. There continues to be a steady stream of people visiting the site averaging 650 a month.
Following the website launch we redesigned the benefit statements to fit with the rebrand, using the same language and telling the same story so that it all fitted together. Over the next few years we’ll be building on the regular communication to members, introducing new and targeted communication to members based on the usage of the website and key moments in members’ lives.