Since 2005, Standard Life has provided pension solutions for one of the largest global retail and investment banks. We've delivered effective solutions for their UK employees - from those just joining the workforce right through to those nearing and into retirement. But in 2020, the bank wanted to change the existing complex tiered contribution structure for its under-30 population and new hires - a significant headcount in such a large company.
So the challenge was not only fairly technical and complex, it also targeted specific groups of employees meaning a one-size-fits-all approach simply wouldn't suit. With such a large and diverse UK workforce, we needed to offer a flexible and tailored solution to the bank and its members.
What the bank needed us to do:
- Streamline and simplify the contribution structure and deliver the new flat-rate structure that the bank wanted
- Maximise efficiency and minimise the administration burden on the bank
- Run a segmented communications programme suitable for multiple generations of members with different needs
The solutions we delivered
New Master Trust
A new DC Master Trust scheme for new hires, delivered on time, during the global pandemic.
This introduced the flat rate structure the bank wanted and meant there was a strong governance structure in place to ensure members get good value from their pension plan.
Online communications hub
The client's first online pension communications hub, launched using the Lifelens platform.
This enabled streamlined processes for the client and personalised messaging for employees.
Guidance and financial wellbeing support for all employees, using a range of engaging employee presentations, webinars and pop ups.
High level of service
We achieved this while maintaining a consistently high level of service across the client';s other pension schemes.
To help the bank make the most of its new Master Trust, there needed to be an intelligent online communications platform. The goal was to provide segmented content, support and guidance to those employees impacted by the new scheme set up. And at the same time, messaging had to be tailored and relevant to those other colleagues in the bank who were not directly impacted by the changes.
Our approach was a bespoke implementation of the Lifelens platform - a new client-specific communications hub and a personalised dashboard and showcase for employees, which was a game-changer for the bank.
- Communication - Standard Life and the bank could brand, display and send employees targeted and segmented communications, including animated videos
This is an example of an animated video to support members when they get their Annual Statement
- Personalisation - the content tiles which Lifelens displays to individual members could be tailored to their pension plan type, age, plan value, and much more
- Efficiency - through Single Sign On, members could log straight into their own personalised pension servicing dashboards and link into the bank's intranet and pension website.
- Eased administration burden - through integration with HR and payroll systems, manual jobs could become automated.
Throughout implementation, we used our existing dedicated administration team to support the bank, with a dedicated phone line so that members could contact Standard Life if they wanted or needed to.
We also deployed a virtual client team for the bank for the life of the project. This team still meets monthly and brings together core members of the bank and Standard Life teams to make sure all servicing continues to be maintained at optimal levels.
To support communications, we engaged our in-house marketing team, 56 degrees, to help deliver presentations, and explain the changes and benefits to the bank's pension scheme members. They covered a wide range of topics: from introductions to financial planning, mortgages and protection through to estate planning and retirement plans. With face-to-face presentations still off-limits, they set up and ran monthly webinars which went down really well with the bank's members.