A combination of big campaigns, social media, paper communications and face to face contact is needed to help people get pension saving.
That was the conclusion of the panel 'Waking up savers' at the annual Pensions and Lifetime Savings Association (PLSA) in Manchester.
Hetty Hughes, manager of long term savings policy at the Association of British Insurers (ABI) said last year’s 'Show your pension some attention campaign', had generated 28 million advertising impressions and over 150 pieces of media coverage.
Of the 19 per cent who recalled the campaign in a survey, 91 per cent said it inspired them to take some action.
Hughes said: “It inspired 2.65 million plus employees to pay their pension some attention.”
She added providers found 32 per cent more savers updated their pension contact information and one provider saw contact info updates rise by 50 per cent.
Grime and pensions
The campaign, which runs every autumn is sponsored by 13 pension providers and last year featured the grime artist Big Zuu.
This year’s campaign, features the 1980s TV presenter Timmy Mallet.
Hughes said last year’s campaign was launched following the death of Queen Elizabeth II and the resignation of Liz Truss as Prime Minister.
Sarah Pennells, consumer finance specialist Royal London said the provider’s research had shown that three times as many people increased their pension contribution in the last year as reduced them.
She added that one in five never checked their pension while four in 10 did not believe they were saving enough.
In Royal London’s survey of 6,000 savers eight per cent believed their payments were going into a bank account.
Pennells pointed out more people were getting information from their pension provider than anyone else - 30 per cent, compared to 14 per cent via an employer, 10 per cent government websites, 9 per cent from financial advisers and 9 per cent from family and friends.
She said there was a hunger for information. “One webinar for customers we ran had 850 questions submitted in advance.”
Empathy in pensions
Pennells said the pensions industry could still benefit from being in its customer’s shoes.
“As an industry we understand that we are not at the foothills of the mountain but are at base camp.”
Eve Read, senior director of strategic delivery Smart Pension said the cost of living crisis had added an interesting dimension.
“It has given people who are still working, the experience of being on a fixed income while seeing their costs go up and having to manage that.”
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