Why pension schemes should take a leaf out of Abba’s book

It’s finally festival season again and thousands of people will be descending on parks around the country, praying for sunshine. If, like me, you have chosen to abstain this year due to shoddy line-ups, fear not. Next year is promising a ground-breaking concert experience from ‘70s pop sensation ABBA. Even if you are a die hard metal fan, or hooked on trance, let’s admit it, we all have a small voice inside of us that can’t help but sing along to ‘dancing queen’.

Why pension schemes should take a leaf out of Abba’s book

The Swedish group, now practically synonymous with dad dancing at weddings, are back after 35 years. Boasting an average age of 71, they are not only aiming to be back on the airwaves, but are also pioneering a new era of live music. The four ‘super troupers’ have announced they will be touring as ‘Abbatars’ of themselves in 2019/2020 – digitally enhanced to look as they did in the good old ‘70s.

It’s still not clear how the tour will work, but it will involve the group performing in hologram form. Too weird? Maybe. But tickets will no doubt still appeal to hard core fans willing to ‘take a chance’.

However successful the tour, we can all applaud ABBA for having the guts to step into the digital age no holds barred. In fact, pension providers could learn a lot from the group’s attitude and should perhaps be encouraged to ‘lay all their love’ on ABBA’s new work ethic.

Responding to consumer demands

Consumer needs are rapidly evolving and becoming more closely intertwined with technology as each day passes. Now, we won’t go as far as to claim that ABBA’s dulcet tones are as in demand as retirement savings, but we would wager that people of all ages will have a ‘gimme, gimme gimme’ attitude to both. ABBA have fully embraced the digital age with open arms and, not just adapted, but taken a bold and innovative leap forward.

Pension providers would do well to mimic this approach and respond to individuals who would rather log in to an app-friendly pension portal, than wade through the rapidly aging material formerly known as paper.  

The evolution of pension engagement may not have to go as far as holograms of investment performance. However, we can but hope that providers will create enough engaging, accessible material to avoid leaving members screaming ‘SOS’.

Engaging communications

For now, there is a wealth of options for employers wanting to harness the opportunities of the digital age. Although we are guilty of going ‘on and on and on’ about engaging communications for the next generation of savers, we are passionate about providing flexible digital solutions for staff. Interactive financial education modules, digital scheme guides and targeted communications are just a few of the services available to bring pensions to the E-generation.

In a world as complex as retirement savings, we believe that clarity should be the ‘name of the game’, but that’s enough puns for the day. However providers or employers choose to communicate with staff, let’s enjoy adapting to the brave new world together.

For now, ‘hasta manana’.

The author is Harri Mead, associate client servicing, Punter Southall Aspire.

This article was provided by Punter Southall Aspire.

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