They’re pensions Jim, but not as we know them . . .
We've had personal pensions, we’ve seen Maxwell come and go and we've had ‘simplification’.
If you thought you’d seen pension changes before, you can think again! Pretty soon with all the new changes, you’ll hardly know if you’re coming or going. Employees and members will already be aware, through the press, of some or all of the following:
Read more: They’re pensions Jim, but not as we know them . . .
Power up your pension scheme communications
Pension change can seem daunting for employers and trustees, especially in the current economic environment. However, communicating auto-enrolment and the introduction of NEST is a great opportunity to reignite interest in an existing pension scheme and in an employer's overall employee benefits strategy.
Rather than being viewed as a thorn in the side, NEST should be seen as an opportunity for employers/trustees to explain to employees/members the advantages of starting to save for retirement as early as possible and how NEST compares with the existing arrangements.
In a nutshell, the introduction of auto-enrolment gives employers the chance to re-launch their company pension scheme to current employees who are not yet members but who will be enrolled automatically into the scheme and to prospective employees. It also provides a useful opportunity for employer and trustees to remind existing members what an important benefit their company pension scheme represents.
By explaining the attractions of their own pension scheme in comparison with NEST, employers can also take the opportunity to set out their benefits culture and use it as an aid to recruitment, retention and motivation.
Rubicon can help you ensure your pension arrangement meets the latest communication best practice in relation to NEST and advise on which audiences to communicate with, the most appropriate timing and how best to get your message across.
Remember, one size does not fit all!