People’s Pension2, the UK’s largest commercial master trust, has reached another milestone in its commitment to delivering more engaging, tailored experiences to its seven million members, through the development of its personalised video statements3.
The refreshed and rebranded video statements have now been rolled out to approximately 95% of active members4 and is already delivering high levels of interaction from its members, alongside consistently positive member feedback1.
The video statements are designed to complement annual regulatory statements by presenting key pension information in a more accessible and engaging format. Each video combines personalised audio and on-screen text, using data such as a member’s name, pension value, investment profile and future projections. Key features include a refreshed visual design, clear projection of potential pot size and retirement income, and simple insights such as Savings Reward5 information.
People’s Pension Chief Commercial Officer, David Meliveo, said:
“I’m incredibly excited to share the new-look personalised video statements, now fully aligned with our refreshed brand. With a fresh design and enhanced user experience, this marks a significant step forward in how we engage with members and reflects our ongoing focus on innovation, greater personalisation and ultimately, delivering better retirement outcomes.
“Evidence shows that regular, simple interactions help build members’ confidence in their finances, and feedback has been overwhelmingly positive. The initiative is already helping to deepen engagement, improve outcomes and strengthen our proposition for employers and advisers, with ongoing member insight continuing to shape and refine our approach.”
Nigel Rodgers, Chief Information Officer, for People’s Pension added:
“It’s an incredibly exciting time at People’s Pension, with huge potential for technology to transform how we communicate with our members – helping us deliver a more sophisticated, seamless and intuitive experience.
“Our personalised video statements have been designed and built with scalability, security and efficiency at their core, incorporating a range of innovative enhancements. Collectively, these innovations are redefining how members interact with and understand their retirement savings.”
People’s Pension plans to extend access further by launching personalised video statements within its member app6 later this summer, making it even easier for members to view and engage with their pension.
Notes to Editor:
1. People’s Pension has seen excellent levels of interaction from its members, including three times more email clicks, more than nine in ten members watching their video to completion, and two-thirds of members taking positive follow-up actions such as downloading the People’s Pension app or accessing further information. The initiative has also achieved an average rating of 4.8 out of 5.
2. People’s Pension is the largest commercial master trust in the UK based on members, serving more than seven million pension savers across the UK and managing £40bn in assets. It is provided by People’s Partnership, a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
This assessment is determined by membership size. People’s Pension currently has more than seven million members, which, according to publicly available industry data, exceeds the membership of any other commercial master trust.
3. Video explainer
4. Personalised video statements – available within the member portal – are available to approximately 95% of active People’s Pension members, except for members who have a pension pot under £50 or those who are already in retirement.