Regulatory and scheme change support tools 

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RPMI

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Pensions are complicated and no more so for sponsoring employers when the law changes and they must act to comply with regulation. 

 

A good example of this was when the government introduced autoenrollment. Employers suddenly found themselves responsible for autoenrolling employees into a pension scheme, defining eligibility, managing staging dates and opt-outs, and communicating a variety of messages to staff dependent on their current employment status, and/or pension scheme membership. In short, a complete nightmare! 

 

Autoenrolme provided a package of support tools: a dedicated website, clear schedules for employers, brandable letter templates, planning tools for employees, PPT presentations, FAQs and handouts, and videos explaining autoenrollment and fundamental pension topics in easy-to-understand terms.

 

Also shown here is an example of a pension scheme investment change campaign for Network Rail (NR). It’s not unusual for scheme trustees to change funds, but it can be unsettling for members if not communicated well. 

 

The campaign began with a postcard to members alerting them of the change – what would happen and when – with a link to a dedicated website full of videos and support. Nearer the change date they received a letter and brochure explaining the changes both literally and graphically, plus forms to return if they wished to make changes to their fund allocations rather than accept the default.

 

Calls to the NR pension team were drastically reduced from a similar previous unsupported exercise.