EIOPA outlines seven good practices for member communication
Written by Natalie Tuck
The European Insurance and Occupational Pensions Authority has outlined seven good practices with regard to the use of different communication tools and channels to communicate to members of occupational pension schemes.
The report follows a consultation which sought input from stakeholders.
It said the good practices are “aimed as an inspiration to any relevant parties interested in maintaining and continuously improving effective communication practices towards occupational pension scheme members with a clear focus on communication and tools and channels”.
EIOPA said the good practices depict existing rules and market practices in one or more member states that have particular merits in improving the communication tools and channels to occupational pension scheme members.
The good practices include: a coherent communication strategy, storing of all communication in one online space, employer online platform to combine information about related human resource matters and pensions, pension calculators, advanced tracking services, evaluation of communication strategy effectiveness and a multi-channel strategy.
However, in the conclusion EIOPA said that when it comes to communicating effectively, "one size does not fit all".
“Besides, communication practices and strategies should be seen also as a mirror of their time. In this context, while paper-based communication is at the moment the most prevalent practice, EIOPA noted a gradual shift towards the use of additional channels such as email or online platforms. This development may follow from changing preferences of scheme members (e.g. the younger generation being more internet-savvy).”