Pension scheme member campaigns

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Railways Pension Scheme (RPS)

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Spoiler alert - pensions are not sexy! It's a hard to understand topic with lots of complex terms, so getting members to think about and plan for retirement is a challenge. There are many temporal and financial psychological biases to overcome too. For example, if retirement is a long way off and there's immediate things fighting for our attention it's easier to put it off till tomorrow. Or, when times are tight, to spend money to solve short-term financial issues rather than saving for the future.

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Here's a sample of core campaigns encouraging members to:

• understand what they're likely to get from their pension in life after work and to think about whether that will be enough

• nominate beneficiaries to receive any money due in the event of their death

• register for the online portal to be able to easily manage their pension and take control of their future

• appreciate that their employer pays into their pension too - they aren't saving alone

• start saving sooner rather than later

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Although the goal is to direct members online, perhaps surprisingly the postcard mailshots have been extremely successful. The weeks following a mailing have seen a 400% increase in member website activity and significant increase in registrations.​