The onset of statement season can strike fear and loathing in the heart of even the most seasoned pension administrator. Some get a headache just thinking about the countless hours of painstaking data checking that lie ahead.
There’s no doubt that accuracy is paramount when it comes to statement production. After all, potential lawsuits aside, you don’t want to be responsible for retirement decisions based on incorrect information.
The good news is that all the hard work you put into producing accurate statements will pay off in spades—if your statements are well done. The client surveys and focus groups we’ve conducted have consistently shown that plan members rank annual statements as their No. 1 preferred source for pension information. This is true across industries, income, ages, gender and even geographic boundaries. And why not? Statements contain personalized, timely information about three key issues: me, my benefits and my future. From a communications standpoint, it doesn’t get much better than that!
Unfortunately, the same research also shows that many members are unhappy with the statements they receive—not because of the information they contain, but because of how that information is presented.
Presentation matters
Imagine that you open up your favourite magazine only to find that it’s been reduced to a black-and-white printout with no colour and no pictures. Even worse, the stories are badly written and use confusing language, and all the important stuff is buried in the middle.
If this describes the statements your members receive, here are three tips for upping your statement’s presentation.
1. Start by asking your members what you can do to make their statements more valuable. You may find, for instance, that most of members would rather view their statements on their computer or smartphone. An e-solution will free you from the constraints of print and give you more flexibility in how information is presented.
2. Harness your membership data to simplify and personalize the messaging on your statements. Why set someone up for disappointment by describing valuable early retirement benefits they’ll never qualify for? Or why add an unnecessary layer of confusion by explaining spousal benefits to a single member? Today’s technology allows you to tailor the information to specific members so they get the information they need, when they need it.
3. Remember that your statement is the ideal platform for elevating plan knowledge and reinforcing your brand voice. Leverage your statement to explain key plan provisions, clarify how the plan works and reinforce key messages. Explain how the plan supports your organization’s core values, and remind members that they are part of the ever-shrinking group of Canadian workers lucky enough to have a pension.