The recent ‘Lessons on Pension Engagement’ report from the Department of Work and Pensions (DWP) offers valuable insights into the challenges of boosting public engagement with private pensions. For firms looking to enhance communication and foster trust with their pension members, personalised video technology provides a powerful solution. Here’s how personalised video aligns with and can effectively support key recommendations from the DWP report.
One of the primary themes of the DWP report is the need to make pension information accessible and engaging, especially when dealing with complex financial topics. Many people struggle to understand their pensions, with terminology and projections that often feel abstract and distant. Personalised videos solve this problem by breaking down detailed information into clear, visually engaging content tailored specifically to each member.
With personalised videos, members receive content that reflects their unique pension details, options, and projected outcomes. Instead of a one size fits all approach, personalised video guides viewers through their own pension journey. By using graphics, animations, and direct explanations, videos make it easier for members to grasp key concepts, like increasing contributions and retirement income projections. This targeted, simplified presentation aligns directly with the DWP's call for more relatable, consumer centred communication.
The DWP report highlights a lack of trust in pension providers as a significant barrier to engagement. Personalised video technology can be instrumental in addressing this issue, helping firms demonstrate a commitment to transparency and consistency. By providing regular, personalised updates that explain each member’s current pension status and projected outcomes, video communications foster trust by making the pension process less opaque.
For example, a personalised video might walk a member through their current contributions, highlight changes over the past year, and offer projections based on different retirement ages. This approach will help reassure members that they’re in control of their financial future. Additionally, regularly scheduled personalised video updates can help maintain a consistent line of communication, keeping members informed in a way that’s easy to understand, familiar, and accessible for future reference.
The DWP emphasises behavioural engagement, meaning actions like logging in, reviewing statements, and changing contributions, as a critical aspect of meaningful pension interaction. Personalised video technology can take this a step further by incorporating interactive elements that encourage viewers to explore different options and make real time decisions within the video experience itself.
Imagine a video where, instead of passively watching, members can click through various scenarios, adjust their contribution amounts, or perhaps seeing the impact of postponing retirement by a few years. Each interaction can display the impact on their retirement income, making the implications of their choices immediately clear. This interactive functionality doesn’t just inform, it empowers members to actively engage with their pension options and can even link directly to an online resource where the change can be executed - an immediate pathway to action. This “nudge” effect is precisely what the DWP report recommends to help members take small, meaningful steps toward greater engagement.
The DWP report also underscores the importance of inclusive communication strategies that cater to a diverse range of members, including harder to reach demographics. Personalised video is an excellent tool for meeting this objective, as it offers flexibility in language, accessibility, and delivery across digital channels.
For instance, firms can create accessible video versions with subtitles, voiceover options, and navigational controls optimised for users with visual impairments. Additionally, by integrating video into online platforms, email, or mobile apps, firms can reach audiences where they already spend time. This approach allows members who may not engage with traditional written statements to receive information in a more engaging format. Digital engagement can also help foster inclusivity, addressing both cultural and language diversity by creating versions that resonate with different groups.
The DWP report highlights the importance of emotional engagement, members feeling connected to their pensions and confident in their financial choices. Personalised video technology has a unique advantage here: it speaks directly to the individual, creating a stronger sense of relevance and connection. Unlike generic statements, personalised videos provide an experience that feels tailored, giving members a greater sense of control and ownership over their pension decisions.
For example, a video might show personalised projections for retirement income based on current contributions, along with the potential benefits of making a small increase. By allowing members to visualise their future through interactive charts and relatable examples, personalised video bridges the gap between complex financial concepts and real world impacts. This targeted, personal approach can help members feel empowered and confident about their pension choices, addressing one of the DWP’s main goals for improved engagement.
As the DWP report notes, digital engagement tools are increasingly critical to building pension literacy. Personalised video serves as a digital first approach that is intuitive, interactive, and engaging. Beyond simply informing members, it can educate them on complex financial topics over time, helping them understand not only the “what” but also the “why” behind their pension plan.
By delivering key messages and scenarios through video, firms can create a learning journey that helps members build confidence in their financial decisions. Interactive videos, for example, can guide members throug a pension dashboard, demonstrating how to interpret different data points or adjust preferences. Such tools not only boost engagement but also support the development of financial literacy, empowering members to feel confident about managing their pensions online.
The DWP recommends that communication efforts be consistent and ongoing, as single interactions often fail to produce sustained engagement. Personalised video technology is well suited to providing regular updates that feel relevant and personal. These updates could cover annual changes in pension value, remind members of key milestones, or even highlight new features or updates to pension plans.
Additionally, personalised video allows firms to automate this process, ensuring members receive relevant updates without requiring extensive manual intervention. This ongoing engagement strategy can help firms meet the DWP’s recommendation for long-term, consistent member engagement, boosting retention and creating a continuous dialogue with pension members.
The insights from the DWP report make it clear that improving pension engagement requires a strategic focus on clear communication, trust building, and actionable information. Personalised video technology addresses these challenges directly, creating an engaging, accessible, and meaningful experience for pension members.
By investing in personalised video, firms can provide a tailored communication experience that aligns with the DWP’s recommendations. From interactive elements that drive engagement to accessible formats that reach diverse audiences, personalised video helps firms build lasting connections, foster trust, and empower members to take control of their pension planning journey. In doing so, this technology not only supports regulatory best practices but also ensures that members feel genuinely informed, connected, and prepared for their financial futures.
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