Sue Clarke
It’s Pensions Awareness Week, which marks the crucial importance of educating people on the benefits of a pension and showcasing the importance of saving for later in life.
As a leading pension software provider, we’re committed to not only delivering exceptional solutions to our clients but also fostering a culture of engagement with pensions among our own people.
Why we should pay our pension some attention
Pension is a valuable part of your total pay. The company contributes money to your pension, which increases your retirement savings. If you choose to contribute more to your pension, the company will match your contributions up to a certain limit. This means you're effectively earning more money while also saving for your future.
By putting money into your pension pot, instead of expenditure, think of it as savings for the future.
Looking after your pension is critical for financial security, independence, and peace of mind in retirement. Starting to save early, even small amounts, can significantly increase your retirement savings due to compound interest. A well-funded pension allows you to maintain your lifestyle, avoid relying on others, and potentially retire early. It can also provide a legacy for future generations.
Communicating the importance is essential
Enabling pension empowerment begins with transparent communication. At Heywood, through regular internal campaigns and initiatives, we make sure we inform and update our people about the benefits of proactively managing their pension and planning for their future.
This week's Pension Awareness Week provides an excellent opportunity to reinforce these messages and highlight the value of planning ahead. The pensions industry and beyond has been abuzz with activity following the successful launch of this year’s Pay Your Pension Some Attention campaign fronted by reality TV’s Gemma Collins. We celebrate shining the spotlight on pensions and bringing campaigns into mainstream consciousness, all focused on driving pension awareness among the public.
Where we are as an organisation
We’ve used this week to take stock of where we’re at as an organisation and to reinforce the campaign messaging internally, with great results.
Our completion rate for pension beneficiary information is significantly higher than the (tech) industry standard, at 71% (+8% YoY) compared to 33%. This is a direct result of our ongoing communication efforts.
A substantial number of our employees have actively engaged with our pension provider platform, with 62% accessing our designated providers online portal. Regular provider webinars have played a crucial role in driving this engagement, and we also welcomed our provider to our offices recently to deliver in-person “Hive” sessions and offer one-to-one drop ins.
This week we’ve launched our new online people portal. In the 48 hours after launch, 74% of employees utilised the platform to access, view, and update their personal information, including pension details and life assurance beneficiaries (separate to pension beneficiaries). This is the first time self-service has been available at Heywood and two key components for the design of the system were: ease of use and transparency of personal data (considering GDPR requirements) The engagement with the new portal has been fantastic.
From our experience in working closely with our customers, we know empowerment is key. We also recognise that a vital ingredient for pension engagement is the right tools that make accessing, viewing and updating your pension straight forward. By providing our team with the tools and resources they need to make informed decisions about their financial future, we are fostering a culture of confidence and security.
