Which of these images is the most engaging?

For me, the first image is something we’d typically see in a pension communication. We’re talking about pensions so we need to show ‘older’ people and we want to show they’re enjoying their retirement so they need to be smiling. This type of image would be used without a second thought.

There’s nothing wrong with the first image – and in our Governance Matters session it came out evenly split between the two – but I personally feel a greater connection to the second. It feels more human. The people have more character and it makes me wonder what’s going on. If I was a pension scheme member receiving something with the second image on it, I’d be more likely to read the content around it. But, unlike the first, it would take a conscious decision to use the second image.

Imagery matters. But changing your images alone isn’t enough to improve engagement and elevate your communications.

Top (and bottom) of the agenda

When we think about communications in the context of pensions, we tend to jump straight to members, as I just did​. Member communications are important, I’ve written plenty on the subject before – but there’s a lot more to communication in pensions.

Communication links all trustee board, governance committee and pensions management activities together. In the same way that we shouldn’t be thinking about risk as a single item on a trustee meeting agenda (usually at somewhere near the top), communications shouldn’t be either (usually somewhere near the bottom). Both need to be integrated within discussions around every trustee agenda item. No matter what the trustees are working on, risk is part of the conversation and communications should be too.

Whilst communications have been part of pension scheme regulations for a long time, The Pensions Regulator’s (TPR) general code of practice has brought elements like accessibility, providing members with more guidance and support and the gathering of feedback around your scheme’s communications into sharper focus. Pension trustees now need to approach communications strategically.

Supporting scheme goals with a communication strategy

Think about your pension scheme’s goals. What are you as trustees trying to achieve? What outcomes are you looking for? For example, if you’re trying to improve the security of member benefits, is a buy-out with an insurer the desired outcome, or something else?

Knowing your scheme’s goals helps you to form a communication strategy alongside it.

• What are the key messages you need to give members or your scheme’s sponsor to help your scheme reach its goals?
• How are you going to make sure you reiterate those messages effectively across a range of communications (which may all be produced by different parties)?

These are things to consider at the start of the year (and revisited/reviewed regularly) so your scheme’s communications are cohesive and clear. Your communication strategy should be aligned with your trustee business plan. Setting clear targets are important in improving your scheme’s communications – they’ll help you measure success (which the general code is encouraging you to do).

Reviewing communications and asking members for feedback – or using other sources of ‘feedback’ information – will help you improve what you’re doing and recognise occasions when a new or additional communication is needed to support members.

Implementing the general code needs to be proportionate so I’m not saying we all need to start issuing a survey to members after each scheme communication. But you can look at information you have more readily available like website/portal analytics and administrator reports. Is there a peak in transfer requests? Are more members than normal raising queries with the administrator? Is there any commonality in queries being raised? These all highlight the potential need for better or extra communications.

Consistency is key

For many schemes, communications can be made up of voices that all sound different. It happens because lots of different people and firms are writing those communications and all tend to use their firm’s tone of voice not the trustees’. Inconsistency is everywhere, even down to whether it is called a scheme or a plan.

​Pension trustees need to own it!​ Consistency is crucial to help improve engagement – in both the messages you’re giving and the tone of voice you’re using. It’s your best friend. A lack of consistency can make it confusing for members and difficult for them to know whether a scheme communication is genuine or a scam. Challenge your advisers – are the communications they issue honestly helping your scheme to meet its objectives? Is your approach to scheme communications genuinely acting in members’ best interests?

Communication really does matter. Thankfully, more and more pension trustee boards are realising this. But without a clear strategy, consistency and consideration at every step in the process it can be hard to truly elevate communications to a point where they drive better outcomes for the scheme and its members.

This blog is based on a presentation delivered by Suzi Lowther from our Pensions Communications team at Governance Matters 2024