Plain-speaking pensions communication has paid dividends at Honda. Jo Malone, benefits and wellbeing manager, says: “Pensions can be an area that associates find daunting because, generally, the information available on the web or in publications can be overwhelming. We provide straightforward and illustrative pension materials to help associates understand the benefit that is on offer.” The car-manufacturer, which has 550 UK workers, tries to hook in new recruits from the start, says Malone. “We spend time with new employees giving an overview of the pension scheme when they first join the company, explaining the importance of joining sooner rather than later,” she explains.
Regular communication is vital, she adds. “We arrange presentations to all associates every six months, to remind everyone why pensions are a good way to invest for the future.” Staff can then book a slot with a personal adviser, if they wish.
The firm also operates a final-salary pension scheme, which is closed to new recruits. Trustees communicate to members via the annual In Touch magazine. “It is an eye-catching way of capturing key points, as well as keeping members up to date on pension legislation,” says Malone.