05 September 2016

New lifestage prompts for pension scheme members

We are pleased to announce the launch of an on going mailing programme - prompting members to review their investment strategy as they reach key milestones on their pension journey.

At the current time, the programme applies only to the WorkSave Pension Plan and 'sole governance' schemes in the WorkSave Mastertrust, although other products remain under review.

The mailings are targeted at members reaching age 50 (or 10 years to their selected retirement age, if earlier) and again as they come within four years of their selected retirement age.

The object is to:

  • Remind members of their selected retirement age
  • Explain the options for taking their money
  • Remind them of their current investment strategy, and
  • Encourage them to review their investment strategy in light of pension freedoms

The four year letter also urges members to contact Pension Wise or speak to a financial adviser before deciding how and when to take their money.

The letters are different depending on whether the member is currently invested in:

  • The Multi-Asset Fund only;
  • The Multi-Asset Lifestyle Profile only; or in
  • Self-selected funds or scheme specific lifestyle profiles

Letters are generated and issued on a weekly basis.

Pension benefit statements

In a related exercise, our pension benefit statements have been enhanced to include similar lifestage-relevant messaging as members approach their selected retirement age. Once again, the objective is to urge members to think about how they intend to take their money and whether or not their current investment strategy is the most appropriate for their needs.