Client Success Story: Lloyd's Register

Challenge

When marine and shipping business Lloyd’s Register was searching for their next pension provider, they knew they wanted to find someone who could deliver more than just a pension scheme. They wanted a provider who could reignite pension engagement amongst their 1,500+ active members.

Members had become resigned to receiving minimal communications (an annual benefits statement and newsletter), so it was no wonder that they were unengaged with their pensions. Indeed, nearly half of scheme members said they felt confused and uninformed by their pension options.

It was down to our trusted teams, impressive online platform, and quality communications that Lloyd’s Register chose to bring their pension scheme to Standard Life. Straight away, we collaborated closely with Lloyd’s Register to understand their members’ needs and set up objectives, including:

• Increasing members’ engagement with their pensions
• Encouraging members to make active, informed decisions
• Delivering member and client satisfaction

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Solution

Smoothing out the transition process

The key first step was to make sure the transition of Lloyd’s Registers’ workplace pension scheme to Standard Life was as smooth as possible. Thanks to a tightly managed process, ongoing communication, and a dedicated team who oversaw each step, we successfully moved over:

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For a cost-effective transfer, we used a mixture of in specie and re-registration for 80% of the assets, with the rest being prefunded. We also recreated a previous blended fund structure, including lifestyle profiles.

Reconnecting members with their retirement options

To help members understand what was going to happen with their pension and when, we built an online hub (Lifelens), which included a handy timeline so they could keep track of updates. We also delivered face-to-face presentations and webinars to introduce the new scheme, and empowered members to start using the new online hub.

To give members seamless access to their pension details, we also brought together Lloyd's Register's existing 'Pension Port' website with the new online hub.

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Continuing engagement post-launch

We conducted member surveys to find out what members really want to hear about, and how they want to receive the information.

The results feed into an ongoing communications plan, which aims to keep pensions top of members’ minds. To date, we've delivered quarterly engagement emails, personalised videos, activity-triggered emails, face-to-face presentations, webinars, videos, and mailings. We've also used the online hub to promote events and share information, with dynamic content for different groups.

Furthermore, we created a sub-brand called ‘On Board’ that exclusively covers all pension-related communications. By layering this on top of existing touchpoints, it allows members to easily spot messages that relate to their pension plans.

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Results

The Annual Benefits Statement communication saw significant engagement, including:

What’s more, in our latest member survey, an overwhelming majority (94%) said the 'On Board' emails were useful.

Plus, since transitioning to Standard Life, Lloyd's Register told us that their pension admin is much easier and more efficient. Improvements include:

• Payroll jobs that used to take hours can be done in just a few minutes
• Members can make changes themselves, including changing their contribution levels online
• Strategic reviews of the investment range from the Standard Life teams