As part of our duties, we are required to review communications sent to you by Aviva to ensure that they are fit for purpose and that they promote greater engagement. We also assess whether they assist understanding to support your decision-making with the choices you have. We have met with Aviva’s head of communications for workplace pensions and discussed and reviewed the key literature items which the team has designed.
What have we reviewed?
Amongst the documents reviewed, the key communications are:
We have found these to be very clear, well set out and written in easy-to-understand language, avoiding what can often be confusing jargon. They provide good, clear messaging, clarity on the actions required by you and signposting to good sources of additional information.
We have also seen the guides which Aviva issue to explain their default investment funds and their range of stewardship funds. Again, these are well set out and clearly illustrated.
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.
Note that key features and terms and conditions are heavily regulated, and we do not feel that we can propose changes to these documents.
In 2020, over 1.3 million digital communications were issued to members in relation to the Covid-19 crisis. We reviewed these communications and found them to be clear and on topic. They were also rated as the best Covid-19 related communications for any FTSE 100 company by McKinsey.
Nearly 1.5 million of you are now registered on MyAviva, either online or via the App – that’s around 40% of all workplace members. Of those, 53% used the online service over the year – that is a significant number and we believe this demonstrates a good degree of engagement. In total during 2020, Aviva recorded over 15 million logins online or via the App. Aviva is continuing to encourage members to sign up to the service as they digitise many of their communications making them easier to access.
Aviva uses technology to create segmented customer journeys which ensures that you receive communications relevant to you depending on whether you are at the start, mid-point or end of your retirement journey. For example, as you move closer to retirement, you can access videos aimed at members aged over 55 and which help to explain pension freedoms.
Vulnerable customers are now carefully considered during the design of communications. Areas such as ease of access to websites and the availability of certain material in Braille or large print are all now considered by the communications team.
Aviva has shared some independent research with us which gathered the views of over 5,000 customers in relation to communication and engagement. The headlines from this research show that:
Following the research, the following considerations were recommended for Aviva:
1. There are strong levels of awareness of Aviva being the pension provider, possibly allied to the strong levels of MyAviva membership. Knowledge is at fairly good levels but there is scope for improvement, particularly among lower affluence groups 2. Members generally believe they should be receiving more communications than they currently do. Aviva could be sending communications twice per year 3. There is a real opportunity to target younger segments with communications that educate them about pensions more broadly and tying this to how to make the best pension investment choices and track the performance of their pension
4. Those with modest means represent a key segment in that they are approaching or have reached the ‘at retirement’ stage, but they feel least knowledgeable, despite hankering for more regular communications. Pension information needs to be more accessible for them
5. Aviva needs to better utilise its online provision. Members want to, and have engaged with, their pensions online, but the information via these portals could be more useful. Most segments want to keep track of their pension and this is a good vehicle
6. ESG is clearly not top of members’ minds in relation to their pension. Most agree with the underlying aims/premises, with the environment being a key motivator. However, their drive to consider ESG for the pensions is not typically at the expense of returns.
We will be discussing the findings of the research in more detail with Aviva over the coming months to understand how they are taking these recommendations forward.