Embed Size (px)
Citation preview
Dealing with members in an efficient and helpful manneris key to good administration and to rebuilding confidencein pensions. So why is it proving so difficult to get right?
Three years ago Pi was appointed by the PensionsRegulator as trustee to a suspected liberation vehicle. It isa sad fact that the “helpfulness” of the scammercompared to the “unhelpfulness” of the pension industryplays its part in helping scammers to succeed.
Roger Cooper will be sharing his findings from speakingto members over the last three years and looking at whatengagement really means and what we can learn from it.
Romi Savova, CEO of PensionBee, one of the new stylepension companies, certainly understands the frustrationof many people in dealing with the established pensionindustry and how without efficient administrationengagement is only ever going to be a buzzword.
PensionBee helps savers combine multiple definedcontribution pensions into one online pension, managedby the world's biggest investment managers. PensionBeecustomers each have a dedicated BeeKeeper to guidethem through the consolidation journey and the companyenjoys a 5* rating on review website Trustpilot as a resultof its customer-centric approach to pensions.
Making pensions easy for customers means PensionBeeinteracts with all the major pension providers itself - andRomi has some clear examples of best (and worst)practice.
Seminar details:
▪ 1¼ hours of PMI CPD may be recorded for Pi seminars, based on your assessment of
the seminar’s value to you
▪ Venue: The UK Chamber of Shipping, 30 Park Street, London,
SE1 9EQ
▪ Timings: 8.45 a.m. arrival and breakfast9.15 a.m. - 10.20 a.m. seminar
10.30 a.m. finish and refreshments
We look forward to seeing you and would begrateful if you could advise your availability bytelephoning Angie Shepherd on 020 8879 6500or by e-mailing us at [email protected]
Please do share this invitation with anycolleagues you feel would benefit from attending.
Why can’t the pension industry be
more helpful?
Wednesday, 29 November 2017
Amanda BurdenPi Partnership Group
Breakfast Seminar
Breakfast Seminar
0845 Arrival, registration and breakfast
0915 Chairman’s introduction Amanda Burden, Pi Partnership Group
0925 Challenging the scammers Roger Cooper, Pi Partnership Group
0955 What do members really think Romi Savova, CEO PensionBee
1015 Open forum
1030 Finish and refreshments
Wednesday 29th November 2017
UK Chamber of Shipping30 Park StreetLondonSE1 9EQ
Venue:
Why can’t the pension industry be
more helpful?
Breakfast Seminar
Pi Partnership Group2 Allington Close
Wimbledon Village London SW19 5AP
Tel: 020 8879 6500 Fax: 020 8879 6501
©Pi Partnership Group 2017
Why can’t the pension industry be more helpful?
Wednesday, 29 November 2017
©Pi Partnership Group 2017
0915 Chairman’s introduction - Amanda BurdenPi Partnership Group
0925 Challenging the scammers - Roger CooperPi Partnership Group
0955 What do members really think - Romi SavovaPensionBee
1015 Open Forum
1030 Finish and refreshments
©Pi Partnership Group 2017
PhoneDay 1
FormsDay 2
Forms Day 5
ReturnedDay 12
Text update Day 16
Monies Applied
Days 30 & 33
Hard Copy
Days 32 & 34
©Pi Partnership Group 2017
Inconsistent Illogical Generic Irrelevant Unattractive
©Pi Partnership Group 2017
©Pi Partnership Group 2017
Complex Language Small print Volume The law
©Pi Partnership Group 2017
Unfamiliar Its importance (or not?) Who can help me? What questions should I ask? What’s in it for the pension provider/adviser? Embarrassment of previous decisions
©Pi Partnership Group 2017
“It was working well until you came along and spoiled things”
©Pi Partnership Group 2017
Lack of member awareness of options Someone willing to take their time Not bound by compliance constraints Use right language Customer service focus Minimal paperwork Responsive
©Pi Partnership Group 2017
How might this be interpreted? What might be the member’s response? How might they reach a decision?
©Pi Partnership Group 2017
Taking benefits immediately Talk of cost effective options Access to advice
©Pi Partnership Group 2017
Tighten scheme registration QROPS requirements tightened Awareness raising TPR seeking more professional trustee firms Too little too late?
©Pi Partnership Group 2017
Transparency review Drawdown GDPR/Cyber distraction
©Pi Partnership Group 2017
Not necessarily
©Pi Partnership Group 2017
Know their audience Timeliness Clarity of message Better use of language More member focus Context of message
PensionBee is a UK online pension manager
17
2014founded
c.£200 millionassets (fully transferred and
transferring)
> 50,000people signing up
> 8,000pension transfers complete
We combine all your DC pensions into one online plan
17
PensionBee setup
18
• PensionBee is directly authorised and regulated by the Financial ConductAuthority as a pension provider
• The pension scheme is registered with HMRC and unauthorised paymentsare not permitted
• Only standard funds from BlackRock, State Street and Legal & General• Annual management fees are between 0.5% - 0.95%, depending on plan
selected; no transfer-in or transfer-out fees
Our approach to customer service puts the customer, not the company, first
19
20
Be proactive – use email, telephone, text, in-app messaging as appropriate
Be quick – Amazon is the standard
21
22
Be clear – this applies to providers, administrators, advisers and anyone who deals with pensions
©Pi Partnership Group 2017
OPEN forum
©Pi Partnership Group 2017
Future seminar dates for your diary . . .
Thursday, 22 February 2018 Thursday, 17 May 2018
If you have any feedback or suggestions for future seminar topics, please email us at: [email protected] or via the seminar page, on our website www.piconsulting.co.uk.
