Improving scheme take up.

Taking an online approach proved an effective way of setting up a Group SIPP for the senior executive population at Northern Foods.

We began setting up a Group SIPP for Northern Foods in early 2009. An initial communication explaining changes to the existing Defined Benefit (DB) scheme was provided to senior executives as a CD Rom and was well received.

Tailored communications

Peter Croskin, Head of Pensions at Northern Foods, said “For our senior execs we felt that it was important to allow them to access information about the new SIPP scheme at a time of their choosing.  Making investment choices is much easier over a weekend rather than as part of a normal working day! Communication materials were produced by Legal & General specifically for our senior employees and these were linked to a website for enrolment into the scheme. Take up was very effective through this route. We are using the more traditional paper based communication route for enrolment across the wider employee base”.

In the run up to the start of the Group SIPP in April 2009 it was felt that ecommunications were most appropriate media for the senior executive audience. They received individual introductory letters, together with a core fund brochure, inviting them to join via a bespoke website, which they could access at a time of their choosing.   The web pages were effectively a direct offer joining site, providing all joining material and fund information for the new Group SIPP (including three Lifestyle funds created specifically for Northern Foods).

Responsive to change

This online approach proved to be especially effective when, just after the launch of the SIPP, we were able to add information about the budget changes delivered on the 22 April and send out an email update to the senior executives.

A further targeted email was issued in May to the same executive group, promoting the new scheme and giving a link to apply on line for one of two unapproved share scheme transfers to the new SIPP.

Tony Filbin, Managing Director for Workplace Savings, commented:  “This online approach to workplace communication proved to be very effective at reaching the senior executive audience. As well as providing round the clock access to pension information senior executives were able to take full advantage of the considerable tax benefits of transferring their SAYE savings to a SIPP on line, and at a time of their choosing.  Focusing communication on a web based approach allowed us to deliver the highest levels of service and to target the message to individual employees.”