In a bid to help customers start thinking about their retirement finances earlier than they currently do Royal London has launched its new ‘wake up’ packs.
Under current rules providers only need to send customers a ‘wake up pack’ 6 months before their chosen retirement date. But Royal London will now send information to help customers plan ahead starting at 5 years before their chosen retirement date. It’s hoped that by engaging in a meaningful way sooner people will make more informed decisions about their retirement finances with help from a financial adviser
After extensive market research, Royal London has adopted a simple and informative style with all of its new customer communications. As the count down to a customer’s retirement begins, they will get three different engagement packs. These will be issued each year, just after the customer’s birthday.
By starting the conversation earlier and sending information to customers more frequently Royal London hopes more customers will better understand the options they have – and the risks which might come with each one.
As firm believers that the best customer outcomes are anchored in impartial advice, these new packs will also provide Royal London with additional opportunities to encourage customers to talk to a financial adviser.
Jamie Clark, pensions expert, Royal London comments:
"It’s not just about extending the length of the conversation. We also want our customers to really engage with their retirement planning while encouraging them to seek impartial financial advice. That’s why we’ve worked with real customers to create a new suite of retirement communications. Using simple steps, clear visuals and plain English, we think our new material challenges the style of communication customers might have come to expect from their pension provider.
We believe this new approach will not only improve customer engagement – but will also help them make more informed decisions when the time comes."
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For further information please contact:
Emily Horton, Press Officer
- Email: firstname.lastname@example.org
- Tel: 0203 272 5432
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Note to editors
- To download a sample of the new material please visit: www.royallondon.com/media/press-releases/2018/retirementconversations
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £106 billion. Group businesses provide around 9 million policies and 3,449 employees. (Figures quoted are as at 30 June 2017).
At Royal London, we’re proud to champion the value of impartial advice. We believe it plays a crucial role in connecting people with the products that are right for them – and is key to delivering better outcomes and experiences for our customers. At the same time, it helps to build trust in our products and services.
Royal London works alongside advisers not in competition with them. That’s why we’ve made some key commitments to the intermediary market. You’ll find more detail on our commitment to advisers at http://adviser.royallondon.com/campaigns/our-commitments/