Companies that tend to get the most out of our services are those who ask the most questions.

The ones who want to understand a little more detail…

It’s no different with the launch of our NEXT GENERATION SAVINGS vision, which also launches our brand new online savings dashboard myAspire.                                                 

Over the past few days, I’ve been fielding lots of questions about it, both from the many people who have already asked for their demo and from those still thinking about it.

And that’s great. As we believe that our vision is going to be revolutionary in changing workplace pensions and savings for the better, but it’s only right that you want to understand what’s involved.

FAQs

1. We already get our employees to engage with pensions. How is this any different?

NEXT GENERATION SAVINGS is designed to get your employees to engage with their workplace pension scheme and other savings, provide education and guidance about how to save better. And, it’s not just all pension stuff we do a lot of lifestyle and future thinking too.

However, the first challenge is to get people to engage, and it’s not enough to give your staff good information at random times. You need to take each individual through a well known behavioural and structured process, which helps them make the decision to save more – then act on it.

That means helping them understand that they may not be saving enough, and internalising the implications…. Then giving them clear options for how they could save more, without overwhelming them… And finally, when they’re ready to take action, making it easy as possible for them to save.

Each stage leads to the other. The beauty of this is that it takes each staff member through this journey sequentially, making their decision to save easy and natural.

It’s not (just) designed to inform – it’s designed to change their behaviour.

2. Is it really possible to engage young people on workplace pensions?

This is one of the most significant challenges in our industry, and when you’ve put considerable time and energy into engaging young people, without seeing much return, it’s easy to believe it can’t be done.

But our myAspire online savings dashboard isn’t same old, same old. It meets young people where they are – online – and engages them in a way they want to be involved.

The platform is highly personal, as each member has their own financial information on it. It is entirely interactive, so your staff members play around with their numbers, and see the long-term impact of the financial decisions they’re considering (let me tell you, this is POWERFUL!).

It helps them make sense of their workplace pension scheme and other savings because they can see it in the context of their entire financial picture. And the financial education on the site is all presented in bite-sized, easily digestible chunks – just like the Internet generation is used to.

The way people in their 20s and 30s communicate has changed drastically over the past decade – they just don’t respond to brochures and annual reports anymore. They do respond to this.

3. We already have so many providers when it comes to pensions – another one will just confuse things

We know that you are probably dealing with too many providers at the moment and that makes it difficult to deliver a joined-up approach to pensions in your company. It’s also a managerial challenge.

The point of NEXT GENERATION SAVINGS is to simplify things for you. When you gain access to myAspire, we can integrate some or all of our other services – for example:

  • Our Master Trust (ours is called the Aspire Savings Trust), where we administer your pension scheme on your behalf.

  • Our pension communication services.

  • And our Retirement Services, where we give individualised guidance to your employees who are approaching retirement.

Instead of dealing with lots of providers, you can deal with just one and have an easier life. At the same time, you can make pensions much simpler for your employees, too. They’ll love having one central address for both their pension and the rest of their finances (including bank accounts, investments and debt). And if you join the Aspire Savings Trust, they’ll love having just a few, simple options for where to put their pension contributions. By making it simple, you’re also making it easier for them to make better financial decisions.

4. How much work is it going to take to get this all set up?

We can help you handle the whole process so that it is as easy and as smooth as can be.

When we’re done, you’ll have a system in place that can make a real difference with your employees saving behaviour and their overall engagement with their workplace pension scheme. You’ll be dealing with fewer suppliers – perhaps even just one – freeing up your time and making everything you do around pensions more efficient. It’s a great legacy.

5. What if we’re not sure we like the myAspire savings dashboard?

Hold your horses. You don’t need to make any long-term decisions right now.

All we’re talking about is to get a demo of myAspire so you can get a much better feel for what it is, how it works and how it can evolve with your needs. It is absolutely obligation free and whether you decide to take it further or not, I can guarantee that you will want to take a look at this cutting-edge piece of tech, which is very definitely the future of workplace pensions engagement, communication and savings.

So go ahead and discover NEXT GENERATION SAVINGS

 

Posted by Steve Butler

Topics: Next Generation Savings

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NEXT GENERATION SAVINGS

Changing Workplace Savings Behaviour for the Better

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Master Trust

The Aspire Savings Trust is a multi-employer, occupational pension scheme. It brings together governance, investment, administration and communications expertise within a technology-led solution.

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Governance

Establishing and governing the ideal workplace pensions and savings for your employees can be complex and time consuming. That’s where we come in.

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Communications

Our online platform educates and inspires employees across a range of financial topics. It helps them understand the importance of saving for their long-term future.

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Retirement

With greater choice and freedom in how and when individuals are able to access their pension fund, there is now an even greater need for early education and advanced planning. Find out how we help.

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Investment

Our investment research division analyses and rates over 18,000 DC investment funds. The insight we have enables us to support your investment objectives, making sure they're on track to deliver.

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Education

Our financial wellbeing and education service helps employers explain finances and their implications to employees, giving them the tools to make better financial choices at all stages of their working lives.

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