Royal London has launched new ‘wake up’ packs.
Under current rules providers only need to send customers a ‘wake up pack’ six months before their chosen retirement date. But Royal London will now send information to help customers plan ahead starting at five years before their chosen retirement date.
Royal London hopes that by engaging in a meaningful way sooner people will make more informed decisions about their retirement finances with help from a financial adviser.
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 spokesperson at Royal London, said: “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.”