As we head into Pensions Awareness Week, now is the perfect time to remind your employees to pay their pension some attention. From bitesize content to encouraging money talk, there are lots of ways you can help increase engagement.
High pension engagement levels could make a big difference to how your employees feel about their finances – and about their life in retirement.
In fact, our Retirement Voice 2022 report revealed that people who spend time on their pension planning are reaping the rewards of being prepared.
It’s clear that when people engage more with their pension, it can have a knock-on effect on their overall financial wellbeing. For your employees, this means that they’re likely to feel less stressed and distracted by money worries, and more in control of their finances – which can have a positive impact on their productivity and performance at work.
So this Pensions Awareness Week, why not encourage your employees to get better acquainted with their pension plan? Here are some ideas to help you get started:
1. Boost knowledge with personalised financial education content
Knowledge is a good confidence booster. It can help employees make informed decisions about their money, which could benefit them today and in their financial future.
This is why financial education is really important. And employers are perfectly positioned to provide the information and guidance people need, because they can incorporate it into their workplace pension offering.
If you have a workplace pension scheme with Standard Life, your employees can get access to a library of bitesize financial education content and videos through our digital platform, Money Mindset. From here, employees can pick and choose from topics that matter to them and get personalised tips on making the most of their money.
2. Encourage money talk
Talking about money could help employees engage more with their pension. People can learn a lot by hearing about others’ experiences, and it could encourage someone to open up if they’re feeling confused by how their pension works.
That said, many find it difficult to have conversations about money. In fact, according to The Money and Pensions Service, 81% of people avoid it altogether.
You can help break the silence by normalising these conversations in the workplace. To make the most impact, start at the top by getting buy-in from your senior managers and business leaders. They set the tone of your workplace culture, so by getting them on board, they can help reduce any stigma surrounding money talk.
3. Remind employees to keep their pension details up to date
It’s important for employees to keep tabs on their pension plan details, because if information is out of date or missing, it could have a big impact.
For instance, old pension pots could be left behind if people forget to update their address when they move house. And this is easily done; studies show that just 1 in 25 people would think to tell their pension provider that they’ve moved. This could explain why the value of lost pension pots has reached a staggering £26.6 billion, according to the Association of British Insurers (ABI).
As an employer, you can encourage employees to check in with their pension plan by creating an ongoing communications campaign. Sending regular updates – rather than a one-off email – could act as valuable reminders to employees at different life stages and nudge them into action.
If you’re with Standard Life for your workplace pension scheme, you can get support with your communication strategy with our Pensions Awareness Week campaign materials. Free to use and free from jargon, our ready-made resources can help you build awareness, increase understanding, and maximise engagement with your pension plan.
For more information on financial wellbeing, including resources on how you can help support your employees, take a look at our Financial Wellbeing hub and read our articles.