Communication

Communications

We have seen a number of communication improvements over the last 12 months which are aimed at making your pension easier to understand. In particular, the annual statement which Aviva sends you has been simplified and shortened along with a number of other key documents.

Aviva has developed a comprehensive engagement programme and communications to provide clear, timely and relevant information so members can make the most informed decisions and maximise their savings. They apply their data science capability to develop engagement programmes tailored to individual profiles. Their latest developments, as part of these programmes, include:

“Nudge” communications – these target members to take action, whilst also increasing engagement and developing a greater understanding of their pension. Nudges include adding a beneficiary, registering their account, reviewing their investment choices, opting to go paperless, viewing their annual statement and reviewing their retirement date. They also congratulate members as they reach key pension savings milestones, in order to try and further encourage savings, particularly with younger savers.

Engagement campaigns – these include bite sized segmented videos aimed at improving members’ understanding of their pensions and their different options, and their “Shape My Future” campaign consisting of an email and worksite materials which direct members to a lifestyle forecaster tool and an educational hub where they can find regularly updated articles and videos that detail how and why it’s important to save for the retirement they want.

Financial campaigns which encourage members to take a “pension fitness test” to see whether their monthly pension contribution is enough to give them the lifestyle they want when they retire, and to consider any previous pensions they may have before they’re forgotten.

Aviva has also removed the need for some paper-based communications to simplify some tasks. They now offer paperless transfers-in which can all be done over the phone without the need for forms or signatures in most instances. SMS text messages are now used to keep members informed of progress in processing a retirement claim.We are pleased to see the use of new and innovative methods of communication which increase members’ engagement with their pension and educate them in financial wellbeing. We expect to see increased deployment of these engagement programmes and increased availability to all groups of policyholders. As Aviva’s plans develop in 2020, we will see increased online access to communications and multi-channel communications.

Member Feedback

Member engagement is one of the key challenges in the industry and for Aviva this is no exception. Although there has been a lot of good work done to improve member engagement communications, Aviva’s pensions literature was identified by customers as an area requiring improvement which was also reflected during independent research.

Following the consultation Aviva is reviewing literature

to help members better understand the value and benefits of their pension

to motivate them to take an active interest in how and where their money is invested

A new suite of literature will be rolled out throughout 2020. We have asked to see copies of some core documents such as joining packs, retirement wake up packs and transfer documentation and hope to be able to provide more commentary on the success of the project next year. We are content that Aviva is taking your feedback into account and any improvements to communications is a good thing.