Equipment and vehicle manufacturer, CNH Industrial, employs over 1,200 people in the UK. While their overall benefits engagement has always been high, in 2017 concerns were raised that employees didn’t understand or appreciate their pensions. A review of the pensions offering confirmed this; employees were finding it difficult to access their pensions and were confused by the jargon. Furthermore, employees’ predicted pension pots were low suggesting their team might need to pay more attention to their future financial wellbeing.
To give employees a better pension fund and overall pension experience, CNH Industrial wanted to undertake a pension switch and transfer. Their core objective was to provide the most appropriate, value-for-money default pension arrangement for their employees. They also wanted 30% of employees to transfer to the new provider, and for the pension switch to take place with zero errors.
With employees spread across the country, with many working offline and rarely using a computer, CNH Industrial needed an innovative way to engage their entire workforce with their pensions.
Having originally partnered with Thomsons in 2015 to launch their benefits platform, CNH Industrial called on the support of Thomsons in 2018 to undertake the pension switch and transfer to Aviva. To ensure all employees were engaged with their pensions and understood how the changes would affect them, they created an innovative communications strategy.
Their detailed communications plan included sending timely messages to appeal to employees at every stage of the launch process, from warming them up in advance, the launch day itself and follow-up reminder communications. All communications were sent out under the existing ‘Benefits in Motion’ brand that employees were already familiar with.
CNH Industrial segmented their workforce into those who work online and offline, and used a range of methods to appeal to them – personalised letters, face-to-face presentations, emails, dedicated onsite support, banners throughout their offices and printed handouts.
To further help employees understand their pensions, CNH Industrial launched a ‘Pension Hub’; a microsite with a wide range of helpful tools and engaging communications around financial education. The key aim was to support and educate employees in starting, building and taking their pensions.
Partnering with Thomsons and meticulous planning resulted in a successful pension switch with zero errors. CNH Industrial have seen an impressive 57% pension take-up following the switch, far exceeding their target of 30%. Furthermore, overall pension take-up rates have increased by 13%, reaching an impressive 93%! In a recent survey, 100% of employees said transferring their pension was an easy process and 94% felt their pension was the most appropriate offering for their needs and represented the best value for money.
CNH Industrial’s communications strategy has also had a huge impact on communicating the key messages of the pension. In the survey, 81% of employees rated the variety of communications highly, and 90% rated the usefulness of them as ‘good’ or ‘very good’. As a result, employees scored their knowledge of pensions as 6.5 out of 10, compared to 5.9 before the pension switch.
I’ve been involved in pensions for over 20 years and I’ve never seen a pension switch as successful as this one! By working with Thomsons to create an innovative communications strategy, we’ve experienced incredible pension take-up rates, our employees are more engaged in their pensions and they are looking forward to a more stable retirement.
Pension take-up vs 30% target
Errors during pension switch and transfer
Rated the variety of communications highly
Felt their pension represented the best value for money
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