Page 26 - Savings Psyche
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Retirement plan strategy and design                                 Offering savings choice and flexibility

At Willis Towers Watson, we recognise there is no                   Willis Towers Watson’s wealth services have been specifically
one-size-fits-all solution, and we have vast experience of          developed with employers to help design and deliver a
developing tailored solutions for employers. In many cases, we      modern benefit programme where retirement savings are one
work with an employer to ensure that future pension design          component of a wider range of savings vehicles. A typical
reflects both the long history and features of their organisation,  wealth programme would enable employer and employee
but also the current and future challenges they will face. We       funding to be personalised, flexible and able to accommodate
can work with you at all stages of the process, from a strategic    individuals’ short-, medium- and long-term financial priorities
pension review to implementing the relevant components              at no additional cost to the sponsor. Willis Towers Watson’s
needed to deliver the right solutions to employees.                 wealth services can deliver savings and investment solutions
                                                                    that address the different financial needs of all employees,
Ciaran Quigley                                                      from graduates and millennials through to higher earners
+44 161 833 6256                                                    and those affected by the recent pension tax changes.
ciaran.quigley@willistowerswatson.com                               Our ‘best in class’ and bespoke approach means we can
                                                                    help employers develop a wealth programme using existing
Offering greater retirement choices and flexibility                 budgets, systems and infrastructure without disturbing
for defined benefit (DB) schemes                                    existing benefit arrangements or providers.

A retirement transfer option (RTO) is a solution that can           Minh Tran
help companies reduce their DB pension obligations and the          +44 20 7170 2750
associated risk, without any additional cash contributions          minh.tran@willistowerswatson.com
being required from the sponsor. An RTO involves an improved
retirement process for DB schemes where members are                 Targeted communications
provided with support and advice to consider the pensions
freedoms alternatives now available outside of the DB               In order to engage and influence effectively, it is critical to
scheme, using the open market in a similar way to defined           understand the recipient and the information that is likely to be
contribution (DC) members. Doing so will give DB members            of greatest interest. This makes the ‘what’, the ‘when’ and the
access to a much wider range of retirement options to shape         ‘how’ relevant. Through data analysis, research, and external
their retirement income to suit their personal circumstances        and internal cultural insights, we help clients to understand
and preferences better, such as income drawdown. Willis             their audiences better to make communications more
Towers Watson can use its extensive experience of these             effective. At an initial level, age, salary, location, tenure, function
options to implement an RTO fully or provide expert ad hoc          and career level, for example, can shape ‘best practice’
support to in-house resource.                                       approaches to the tone, the structure, the channel and the
                                                                    frequency of communications – and these will be different
Stewart Patterson                                                   for different microsegments. Coupled with past engagement
+44 161 833 7203                                                    intelligence, clients can start to go further in building a
stewart.patterson@willistowerswatson.com                            communications plan for their audience. Recognising where
                                                                    each individual is on their savings journey also builds greater
                                                                    relevance and context – playing back what we know about
                                                                    them individually, acknowledging any former actions or
                                                                    previous engagements and their communication preferences
                                                                    – which in turn creates impact and increases motivation in the
                                                                    same way as it does in the consumer marketing world. Our
                                                                    approach helps clients to develop and execute meaningful,
                                                                    informed and personalised experiences across a range of
                                                                    communications channels – from e-marketing, print and film
                                                                    to text, online engagement platforms and self-segmentation
                                                                    tools – achieving greater return on an investment from
                                                                    communication efforts.

                                                                    Emma Starbrook
                                                                    +44 1737 274534
                                                                    emma.starbrook@willistowerswatson.com

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