Editor’s column: Innovate to communicate

Being a communications professional, I decided to use this as my theme – alongside a tenuous medical analogy involving mentions of the TV drama House, MD and an AI-generated image of chancellor Jeremy Hunt as a doctor. It’s probably for the best that I don’t reproduce that for this article.

The main point I made was that, whatever element of the Mansion House reforms or any other changes we’re talking about, communication is crucial. It’s not just about putting information out there, it’s about making sure that this information is understandable and useful to its audience.

Take the issue of surpluses, for example. On the surface, having more money than you need to pay pensions in full is a great problem. But scheme members will likely want to know how they will benefit from this situation, so it is crucial that trustees clearly communicate what the surplus is and what it isn’t.

Putting it into practice

It’s all very well me harping on about the importance of communication, but how do you do it?

At the AMNT event, one trustee asked me how small schemes can go about communicating scheme-specific issues with limited budgets and resources.

I can’t claim to have a definitive answer (as my response on the day clearly demonstrated!) but there are plenty of examples of administrators, providers and technology companies that are innovating to help members engage with their pensions, understand their options, and get a better grip on their finances without too much jargon getting in the way.

Which brings me seamlessly to Pensions Expert’s Innovation Awards.

As you read this, we are open for entries for our inaugural Innovation Awards and we are seeking out the most exciting and innovative ideas in communications, investment, governance and other areas.

Whether you’re involved with defined benefit, defined contribution or local authority schemes, we want to hear from you.

Entries are open until Monday 8 April, so there is no time to waste. You’ll just need 500 words explaining why your entry deserves to win.

Our expert panel of judges will pick winners for the five categories, and prizes will be presented at DG Publishing’s Investment Innovation Summit on 1 May in London. Details of that conference, including the latest agenda, are available here.

Islamic finance

On a separate note, I also want to flag up a couple of articles by Aamina Zafar, a freelance journalist who writes regularly for Pensions Expert. While many of us were celebrating Easter, or at least enjoying the long weekend, it’s worth remembering the substantial population of the UK that doesn’t observe Christian festivals.

Aamina’s article about how the financial services industry is supporting Muslim staff as they observe the holy month of Ramadan is an eye-opening read, speaking as someone who doesn’t know much about Islam.

In addition, there is also this article about Islamic finance and how some providers may be treating it as little more than a tick-box exercise. As auto-enrolment drastically expands the population of pension savers, we all need to ensure we’re catering for a more diverse audience.