Five comms tips to get DC savers contributing more

So is this good news?

More employees saving towards their retirement, with their employer paying in and tax relief as well. And employee and employer contributions will increase automatically over the coming years.

So, surely there is nothing left to do?

Many experts such as the Pensions Policy Institute would argue that the contribution levels imposed by auto-enrolment, even in the next few years, will not be enough for many to provide a sufficient income in retirement.

This is where good communication can help, by encouraging and showing the benefits of actively saving. With this in mind, here are my top five tips to get DC savers thinking about contributing more.

Keep it simple

This should be the first rule for anyone involved in pension communications. Pensions are complex enough. You do not need to overcomplicate it with long words and sentences.

All communications should be written in a clear, concise way with the employee in mind.

Consider your key messages

What are you trying to say to DC savers? Is it that they should contribute more to enable them to really enjoy their retirement? Or is it that they should look at what their current lifestyle costs are, and then think ahead to how much income they will need in their retirement? 

Whatever the message is, you need to make sure it is up front and clear to see. There’s no point hiding the benefits of increasing contributions, such as getting ‘free money’ from the government, midway through a communication. 

When you do look at what you are trying to say, you also need to look at the bigger picture.

Are there any issues or developments in the company, its business sector or the wider world that you should take into account?

There is so much in the press about pensions, on a regular basis, that you should always take on board anything that might have an impact on the employees’ pension scheme.

Think about your audience

It’s crucial to think about your audience and write for them. This will involve taking into account a number of points, for example their average salary, their level of pensions knowledge and any specific concerns employees might have.

Making it personal is one of the keys to success. You need to show what a difference contributing more will make, ie giving up some money now for a better life in the future. Relating the benefits, and the actions needed, directly back to them is the answer.

Utilise technology

How does technology play a role? To my mind, it is vital.

Technology provides us with alternative and effective ways to engage with employees, in addition to more traditional methods, such as print.

Whether it is through microsites, interactive pdfs, Twitter, Facebook or any one of the many communication media available, you have the ability to simplify, summarise and visualise complicated topics, such as why savers should save more.

You can also be interactive – a picture can say a thousand words, but an interactive picture is even more powerful.

Listen and react

By definition, communication is the ”exchanging of information by speaking, writing, or using some other medium”. 

If you are trying to encourage employees to save more, they need to understand how they will be impacted and what it means to them if they do or do not contribute more towards their retirement.

In return, you need to listen to their reaction and any concerns, and adapt your messaging accordingly. 

Little and often works well. It’s the old saying of 'say it once, say it again and then again…'.  

Through an ongoing dialogue you will be able help members understand the benefits and any actions required.

Liz Armstrong is a corporate marketing manager at B&CE, provider of The People’s Pension.