Why Lloyd's Register chose Standard Life
We asked their Pension Team for the top three reasons Lloyd’s Register opted to bring their pension scheme to Standard Life and they told us it was mainly:
- The trusted individuals and teams at Standard Life who offer stability in administration
- Our impressive online platform which creates a digital eco-system of information and tools for members, while reducing administrative burden for the employer
- Quality communications, from pre-launch onwards, which were tailored for individual members
Working together to help members
When Lloyd's Register transitioned their workplace pension scheme to Standard Life, we successfully moved:
- 1,500 active members
- 1,200 deferred members
- £160m of scheme assets
As well as making sure the transfers went smoothly, another key objective was to engage members with their retirement planning in meaningful ways. Read on to find out how we achieved this.
How we transitioned Lloyd’s Register to Standard Life
From the beginning, the implementation was tightly managed with a dedicated team aligned for each step of the process. The regular communication between Lloyd's Register and Standard Life ensured a smooth transition.
For a cost-effective transfer, we used a mixture of in specie and re-registration for 80% of the assets, with the rest being prefunded. Standard Life recreated a previous blended fund structure, including lifestyle profiles.
Standard Life created a hub of information online, including a handy timeline so members knew what was going to happen to them and when. This was supplemented with face-to-face and webinar presentations that introduced the new scheme and empowered members to start using its new online hub.
We brought together Lloyd's Register's existing 'Pension Port' website with the new online hub (Lifelens), giving members seamless access to their pension details.
Continuing the engagement post-launch
We conducted member surveys to find out what people really want to hear about and the way they want to receive information.
The results of these surveys feed into an ongoing communications plan. To date, we've delivered quarterly engagement emails, personalised videos, activity-triggered emails, face-to-face presentations, webinars, videos and mailings. We've also used the digital hub to promote events and share information, with dynamic content for different groups.
Layered on top of these touchpoints is a sub-brand specifically for pension communications called 'On Board'. This allows members to easily identify messages that relate to their pension plans.
How we eased the administration burden on Lloyd’s Register
Since transitioning to Standard Life, Lloyd’s Register confirmed that pension administration is much easier and more efficient. Some examples of improvements are:
- Payroll jobs that used to take hours can be done in just a few minutes
- Members can make changes themselves, including changing their contribution levels online
- The support Standard Life provide with strategic reviews of the investment range