Pharmaceuticals: Pensions engagement

Pharmaceuticals: Pensions engagement
  • Case studies
  • 3 minute read
An excellent partnership…very professional, responsive and a pleasure to work with.

The ask

  • Our client had recognised that their final salary pension scheme was not sustainable and decided to consult on closing it
  • They recognised that this decision could cause worry and stress among employees
  • The trustees had already prepared comprehensive information for employees
  • However, they recognised that pension information can be complex and difficult to understand
  • Our client wanted to ensure that employees fully understood the information so they could make an informed decision
  • Impartial education and an independent voice was very important to our client to help employees decide for themselves

The aims

  • Provide peace of mind by explaining to employees exactly what these changes meant for them
  • Bring the issue to life with live forums and Q&A
  • Enable employees to book and attend events easily
  • Ensure our delivery met the very high standards set by the client

Our actions

  • Designed bespoke content addressing the change, reasons why, what this meant for employees, the new defined contribution pension and explained the actions required by colleagues
  • Delivered a programme of live webinars to give employees the opportunity for Q&A
  • Employees given the opportunity to share their concerns and questions
  • Webinars recorded for those unable to attend

Results

  • Over 1,900 employees booked to attend a live webinar – 38% of their workforce
  • Demand for our webinars was so high, we added additional sessions, both pre- and post-consultation
  • We received 588 questions from employees about the changes. These were fed back to the client in order to include within their consultation process
  • Employee feedback on webinars: "very clear and easy to understand, questions were well handled." “Thank you so much for answering my questions”
  • Our client was delighted - they felt our independent voice allowed employees to receive an unbiased message about the changes and options, and helped to allay concerns about the process
  • Feedback on Close Brothers from our client's senior rewards team "an excellent partnership…very professional, responsive and a pleasure to work with"
  • This exercise was so successful it led to a wider financial education programme, helping their colleagues to raise financial awareness and how to use their employee benefits to support and improve their wellbeing

You may be interested in

Launching financial wellbeing through a pandemic

How a FTSE100 company launched its financial wellbeing programme during a pandemic.

Read

Embedding end-to-end financial education

Supporting a client to drive financial wellbeing and implement a ‘hire to retire’ financial education programme.

Read

Please be aware, the value of investments can fall as well as rise and that past performance is not a reliable indicator of future returns and you could get back less than invested. Click here to understand the risks associated with investing.

If you are accessing our services and products or website from outside the UK, please note that these are intended for UK investors. For more information, please refer to the Legal centre.

Calls to any number may be recorded for training and monitoring purposes. This site uses Cookies.