How can pension schemes work harder to boost member interest and engagement?
Equal representation provides an effective solution…while it’s important to incorporate the principles of Consumer Duty (the responsibility of trustees to act in the best interests of scheme members and act in a way that promotes their overall wellbeing) what else can be done?
Trustees can further enhance member engagement and improve outcomes by providing clear and transparent information about the scheme, ensuring members have access to suitable investment options, and regularly reviewing and monitoring the scheme's performance to ensure it aligns with the best interests of members.
Encouraging a shift in mindset may be necessary to ensure that diversity and inclusion are adequately represented at the trustee board table. By accepting both as essential elements of a scheme’s values, you can create more opportunities to increase member engagement and improve outcomes.
Improving diversity on a trustee board will increase the likelihood that members’ needs, attitudes and perspectives are better understood. A diverse trustee board will be better equipped to recognise the unique requirements of members, such as single-parent families, minority groups and younger workers.
TPR1 also reports that 78% of their respondents felt having a diverse trustee board was important. So, how can trustee boards get there?
We deliver a wide range of communication campaigns aimed at improving inclusion and diversity on trustee boards. Clients frequently express concerns about the lack of female representation, people under the age of 45, and those with disabilities on their board, and engage Gallagher to help them make some much-needed changes.
Our guiding principles
Recently, one of our clients faced a challenge to create an innovative communications campaign, which engaged a broad range of members, working in a variety of roles, across various locations.
Our team developed communications that employed jargon-free language and inclusive messaging. We leveraged existing trusted channels and tailored the campaign content so it could be distributed with a multi-channel approach to ensure a consistent message reached as many members as possible. Messaging was intentionally simple and direct, and explicitly designed to attract applicants from diverse backgrounds.
The campaign called upon the client’s already existing internal communications channels, such as push notifications to their mobile app, line manager updates and intranet. Plus, they could tap into their employee resource groups.
As well as creating engaging communications to support the application process and to promote shortlisted applicants, we also reviewed the nomination process from end-to-end for applicants with a view to removing barriers, improving access and making the process transparent. A series of recommendations were created to make this process simpler.
In total, 16 applications were received from employees across a range of backgrounds and levels of seniority within the business – four times higher than in previous years.
As a result, and in partnership with the client we won the Pension Scheme Communication Award at the Pensions Age Awards2 in March 2024.
How can we help?
Our team of experts has experience in creating award-winning pension communications. We can help you to create a campaign that achieves your desired outcomes. Contact us today.
Sources
1“Pension boards lack diversity but not the desire to improve, TPR survey shows,” The Pensions Regulator, 19 March 2024.
2“Pension Age Award - Winners 2023,” Pension Age, March 2024.
