Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Volume 2 by Robert Holzmann Edward Palmer Robert Palacios & Stefano Sacchi

Author:Robert Holzmann, Edward Palmer, Robert Palacios & Stefano Sacchi
Language: eng
Format: epub

DESIGNING NEST COMMUNICATIONS

If information addresses some of the questions people have in response to automatic enrollment and gives them the facts they need, they are more likely to feel confident about staying in. Information content and tone can have an important emotional, as well as rational, impact and can help address concerns. Real potential exists for information centered around automatic enrollment to have a far-reaching and positive impact on people’s confidence in making plans for their own futures.

As a result, one area of focus was on the language and vocabulary traditionally used to describe pensions. Based on an extensive program of market research, NEST began replacing words such as “annuity” with phrases that people find more understandable, such as “retirement income.” Over time, NEST built up a “dictionary” of approved words and phrases that it knows works with its target market (NEST 2016).

NEST also focused on developing a framework within which to think about communicating with members, described as the “Golden Rules” in the following section. For example, research revealed that people wanted to feel in control, even though the process of being enrolled would be a passive one. One application of this was in the design of the opt-out process, which had to be easy and clear in communications to new savers. Knowing they can get out when they want to may, paradoxically, make people more willing to accept automatic enrollment.

The third step was the market testing of NEST’s operational communications. NEST’s annual statement, for example, was designed, tested extensively with potential customers for ease of understanding, and then redesigned based on their feedback. A similar process was used for the transactional area of the website.

Finally, a brand was developed for NEST—based on evidence—with a name and logo that would resonate with a potentially large and diverse range of audiences. Specific objectives considered included the following: conveying the scheme as a vehicle for retirement savings; creating a brand that would help build trust and credibility in the scheme; representing the focus of the scheme on low-to-moderate earners; and encapsulating all of these in a clear identity that would engage a socially and culturally diverse audience.

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