What was the goal

Having acquired a number of businesses, Phoenix Group was left trying to juggle multiple pension schemes that each had its own administration and flexible benefits platforms & processes. Working with Standard Life, Phoenix Group had an ambition to:

  • Set-up a new DC Master Trust for legacy Phoenix Group colleagues and new hires
  • Harmonise flexible benefits platforms and rebrand to create one eco-system of information
  • Change payroll provider and streamline administration processing
  • Ensure investment solutions were future-proofed, delivering good outcomes for members

Transfer to Master Trust

To strengthen governance for members, and increase engagement through digital touchpoints, Phoenix made the decision to set-up a new DC Master Trust scheme for legacy colleagues plus any new hires across its trading brands.

Standard Life supported the implementation of this new scheme, the initial bulk transfer exercise in 2020, and joined an additional 3.5k ReAssure employees into the scheme in 2022. From a communications perspective this involved:

  • Achieve a 12-week timeline for scheme set-up and launch to meet Amtico's critical deadline
  • Carry out a transition exercise to ensure there was no money left in the trustees scheme by a specific date
  • Streamline administration for Amtico, taking into account the complexity of the existing scheme with multiple companies and payrolls

Abi Johnson

Head of Reward, Compensation and Benefits at Phoenix Group

"

The implementation was such a smooth process, which is no mean feat given the deadlines we were working to! The level of knowledge and ability within the implementation team is incredible and is certainly what enabled the set up to be done so efficiently and professionally. The support that is on hand by the team throughout the process to provide expert advice and guidance is some of the best I have ever received when setting up any new initiative within the Company and I felt that everything had been thought through and there were never any surprises throughout the process.

"

Abi Johnson

Head of Reward, Compensation and Benefits at Phoenix Group

"

The implementation was such a smooth process, which is no mean feat given the deadlines we were working to! The level of knowledge and ability within the implementation team is incredible and is certainly what enabled the set up to be done so efficiently and professionally. The support that is on hand by the team throughout the process to provide expert advice and guidance is some of the best I have ever received when setting up any new initiative within the Company and I felt that everything had been thought through and there were never any surprises throughout the process.

"

Flexible benefits platform updates

Wider to the Master Trust set-up, Standard Life also supported Phoenix Group to harmonise its flexible benefits platforms across each of its legacy brands; delivering one consistent experience for all.

Having set Phoenix Group up on our Lifelens platform, which was rebranded 'MyChoice', we enabled Phoenix Group to

  • Manage flexible benefits from one central place
  • Tailor messaging depending on what part of the business individuals are part of
  • Create efficiencies for payroll

Operating under multiple trading brands, it was vital that Phoenix could create bespoke and specific messages for different cohorts of employees, which can all be seamlessly managed through MyChoice.

Furthermore, when the Group changed payroll provider in 2021, Standard Life were able to adapt MyChoice to integrate seamlessly with this new provider and allow simple administration through one system.

How we engaged Phoenix Group employees

A key driver behind these projects was to better engage with employees, and ultimately give them the confidence needed to manage their pensions and wider rewards & benefits in a way that led to better outcomes.

Previously, some members had no access to an online dashboard or mobile app, with all engagement taking place in offline channels. Standard Life worked with Phoenix Group to deliver digital tools that allow members to engage with their pension & rewards in more meaningful ways. As well as creating personalised and tailored communications which allow engagement to be relevant and bespoke depending on employees’ individual circumstances and ambitions.

Results

Successfully transferred 7,500 members from Phoenix Group to the new DC Master Trust
Harmonised all colleagues onto MyChoice flexible benefits platform
Achieved high levels of engagement particularly in relation to individual consolidation

What next?