Irish Pensions Magazine Spring 2015
18
Feature
T
he level of communication any Employer and
Trustee group conduct will be driven by key
legal requirements, available budget and appetite
of members to actively engage in their retirement
planning. Some forms of communication can cost
very little but result in a large benefit and effect
for members. Frequently the most effective way
is for Employer and Trustee groups to partner
together to provide a consolidated and consistent
communication strategy to support member
needs.
DC Quality Features:
In a quality scheme, Trustees and Employer
should do the following:
• Ensure that scheme communication is
accurate, clear, understandable and engaging
and it addresses the needs of members from
joining to retirement
• Ensure that members are made aware of their
current investment strategy and what this
means for them
• Ensure that members are regularly informed
that their level of contributions is a key factor
in determining the overall size of their pension
fund
• Ensure that all costs and charges borne by
members are clearly disclosed to members
• Clearly communicate to members the options
available at retirement in a way which supports
them in choosing the option most appropriate
to their circumstances
Considerations
Employers and Trustees Should Consider the
forms of communication in the following table.
Communication to Members of Defined Contribution
Pension Schemes
- Key Requirements and Suggested Methods of Delivery
by IAPF DC Committee
