Affinity Water felt that the members of the Affinity Water Pension Plan didn’t have a clear understanding of how much money they were on track to receive from the Plan at retirement or whether it would be enough money to support them once they stop working.
They wanted to raise awareness amongst members, and share practical and actionable suggestions for what they could do to improve their chances of living the lifestyle they want in retirement.
An analysis of member data by Hymans Robertson suggested a large proportion of Affinity Water’s employees weren’t on track to receive an adequate income in retirement based on a number of factors.
So, over the last 3 years, the Trustee, with full Company support, embarked on an engagement strategy which focused on member outcomes. This included Guided Outcomes™ (GO™) statements that explained:
Following the ongoing success of the strategy and with a keen eye on sustainability, the Trustee and Company decided they wanted to use digital communication methods to deliver these messages moving forward. With this in mind, they introduced Hymans Robertson’s GO™ portal to members of the Plan and decided to replace the paper-based statements with personalised videos.
The GO™ portal takes a member’s pension savings and contributions, and analyses them to deliver a clear ‘red, amber, green’ rating, indicating the likelihood of the individual achieving a suitable income in retirement.
It gives members the option to make changes, either automatically or manually, to adjust either their pension contributions or retirement age in order to improve their rating and ultimately their outcome in retirement. It also allows them to change their target income in retirement based on their circumstances and add benefits from other pension arrangements.
like minds worked closely with the Trustee and the Company Pensions team at Affinity Water and the GO™ team at Hymans Robertson to deliver launch communications for the portal and to ensure that the member experience across channels was as consistent as possible.
like minds provided bespoke branding for the portal and delivered a launch video explaining how the portal works, plus individual personalised videos (in place of the usual paper-based statement) which were delivered via email.
The personalised videos explained the individual’s current status, explained what they could do within the portal to improve their outcome, and encouraged members to login to the portal and make the suggested changes.
Each video was delivered as a link in an email which enabled the member to view their personalised video in their browser. The email, landing page and video were all fully bespoke and designed in the same look and feel as the GO™ portal, to create a seamless member experience. They also contained specific calls to action, encouraging members to visit the portal and explore their options further.
The launch communication that we delivered was complemented by launch emails and posters that Affinity Water’s communication team distributed across the business.
Affinity Water introduced the GO™ portal in June 2019 and the personalised videos were delivered at the same time. Both were well received across the business, with the personalised videos receiving great feedback from members.
Within the first three months of the launch:
44% of emails were opened, of those: 97% of videos were played. 94% of videos were played to the end. 68% of people clicked to visit the GO™ portal.
And as a result, approximately 1 in 15 members have made a change to their pension scheme (contributions, retirement age or both), improving the likelihood of them being able to live the lifestyle they want in retirement.
We’ll also be delivering the personalised videos at intervals throughout the year, to ensure that members are regularly kept up to date of their rating, and to encourage them to review whether they are saving enough into their pension or whether their retirement age is still suitable for them. This nudge behaviour is particularly beneficial when timed around other events that might impact a member such as salary reviews or during the benefits window.
We also plan to deliver further targeted communications to members, to keep the momentum going over time and ensure that members get the most from their pension savings.
The underlying data allows the Trustee to have unparalleled knowledge of their members and meaningfully assist with the improvement of member outcomes. The Company also are able to manage complex issues, such as whether colleagues are able to afford to retire, and consider financial wellbeing programmes, pension and remuneration strategies.