People’s Pension has called on the pensions industry to test different approaches to engagement as part of efforts to address pensions adequacy.
It argues that traditional ways of increasing pension engagement have had a low impact in recent years and asks the industry to support further experimentation to figure out what works.
Last year, People’s Pension launched a national advertising campaign highlighting differences in pension provider ownership models. It reported a 35 per cent increase in brand relatability following the campaign, which referenced shareholder-owned firms.
The provider has also targeted Generation Z, who are more likely to opt out of pension saving. Its ‘Pension Drop’ campaign aims to share pensions information in non-traditional settings. This has included working with lifestyle social media content creators, as well as distributing 3,500 pension-themed Christmas crackers at London Victoria Station and 3,000 Valentine’s Day cards at Brighton Railway Station.
People’s Partnership proposition director Kirsty Ross says: “We are at real risk of sleepwalking into another generation of under-saving. If we continue to approach pensions adequacy with the same thinking and the same tactics, we shouldn’t be surprised when we get the same disappointing results.
“The pensions industry desperately need to break the cycle of failed ideas and try something different and new. We owe it in particular to Gen Z, the youngest generation of our current workforce, because we have the greatest opportunity to make the largest possible difference to their retirement outcomes if we get this right.
“Tried and tested methods of engagement aren’t enough. We have made the decision to expand our repertoire and find new ways that cut through using things we know Gen Z actually like. That means hijacking popular culture, partnering with people they watch and listen to and being in public places where we’re impossible to ignore.
“But we can’t do it alone. That’s why we’re calling on the industry to join us, be bold, try something different and find what can truly get people excited about pensions. Only then will we have the opportunity to meaningfully address the adequacy challenge and change the retirement fortunes of a whole generation of savers.”
