The Pay Your Pension Some Attention campaign returned at the end of last year, with an unexpected collaboration in the form of legendary children’s TV presenter Timmy Mallett, who played host to a throwback gameshow, giving an 80s and 90s vibe to pension awareness.
The campaign took contestants on an educational journey through pensions with a financial planning edition of Wacaday. The focus was on the three-step pension playback: look back to previous pensions, lean in to current pensions and move forward by planning how much they need to save.
Providing a dose of nostalgia, Timmy’s presence aimed to prompt viewers to wonder, “Have I really put off pension planning all these years?”
More than 3.5 million employees were inspired to pay their pension some attention
The campaign reached millions through TikTok, Instagram, Facebook and Twitter, and many more through digital billboards at UK train stations and radio ads on 80s and 90s stations. But where the campaign could be found was not as important as how it impacted behaviour.
Post-campaign surveys revealed one in four people recalled seeing the campaign and, of those, a whopping 85% acted on it. Among them, 51% accessed their pension account, 44% consulted family and 40% sought further information. That means more than 3.5 million employees were inspired to pay their pension some attention.
Advisers find themselves at a pivotal moment in guiding clients towards effective pension planning. This initiative can provide an alternative client engagement strategy.
The call to action for advisers is clear – continue the conversation
The key lies in proactive engagement. Encouraging a retrospective view on pension decisions can empower your clients to take charge of their pension journey.
The call to action for advisers is clear – continue the conversation. Engage clients proactively and highlight the importance of reviewing past pensions, understanding existing schemes and planning for a secure retirement.
The Pay Your Pension Some Attention campaign will be returning later this year. Considering the current economic landscape and the ever-changing world around us, it’s too early to say quite what it will look like, and who will be holding the megaphone. But we want advisers to help extend the reach of our campaign and foster even more engagement from savers.
A unified industry can encourage more people to engage and, ultimately, pay their pension some attention.
Joe Dabrowski is deputy director, policy, at the PLSA
