Improving member financial confidence – Loomis

The challenge

• Loomis are a leader in UK cash flow, serving financial institutions, retailers and the public sector.
• We helped them through pension indexation, de-risking their scheme and funding valuation negotiations.
• In 2022 Loomis wanted to offer a new Pension Increase Exchange option at retirement to members.
• However, there was a risk that the number of options available could confuse, denying take up.

Our thinking

• The client goals were that members had:
  • A clear understanding of a high value, yet complex multi-option benefit.
  • Ample time to consider all their options before retirement.
  • The ability to go back and assess their options at a time that suited them.
  • A choice of how they received this information, including videos, transcripts and communications.
• We recognised the risk that too much choice can overwhelm and frustrate adoption
• Our experience in similar tasks showed us how traditional emails, letters and member packs were not the optimum way of communicating options
• We recommended a member portal that was clear, accessible and easy for members to engage with.

Our solution

• A Loomis member-only microsite, personalised to their unique benefits options.
• Engaging videos matching current pension benefits to new retirement options – with new videos over time to maintain engagement.
• Transcripts as an additional communication option – especially for vulnerable audiences.
• QR code that intrigued, engaged and facilitated microsite visits.
• Effortless member log ins at work or home, at a time to suit.
• Benefits integration. The offer of free Loomis-funded financial advice and how to contact the Scheme administrators.

Integration with other areas of expertise

• To optimise the member journey, viewing numbers and site navigation, our consultants worked closely with our in-house digital team.
• Our Member Options team scripted and templated the video script for wider client use.

Improvements in financial confidence

• About 30% of eligible members signed up to the website.
• All members who were not yet retired were written to about the website. They could then request a login code and register.