Why better communication with pension savers is the way forward

Communication might well be the number one priority in pensions right now. To understand why, you only need to look at what went on in the lead-up to the Autumn Budget, when we saw a great deal of ‘doom loop’ speculation: misleading information, alarming headlines, and, frankly, fearmongering. The big concern here is that pension savers can end up making irreversible decisions. 

For example, take the following headline: “Chancellor eyes £2bn raid on pension tax-free cash.” It’s easy to see how someone might panic and decide to act if they came across that in the news. But the reality is they’re not seeing the whole picture – the protections, transitional arrangements, or thresholds that might exclude them, and many other savers.  

Instead, the headlines dominate, the details are lost, and that’s when people start to act hastily and pre-emptively with their pensions. And here’s the thing – this isn’t just a ‘wealthy people’ problem – it affects people across the salary spectrum.  

So, on the one hand, we need to be mindful of the financial impact on savers, but there’s also a deeper issue at play: trust. If employees start to believe the rules could shift at any moment, they risk disengaging from workplace pensions altogether. And that’s the last thing we need. So, let’s start with what we do need.  

Separating facts from fiction  

Quite simply, what we need is to communicate better with pension savers. That starts with separating fact from fiction. At NatWest Cushon, we have no interest in fuelling speculation, and we’re trying to tackle the problem head-on. While journalists chase headlines about potential pension changes, we’re engaging with the government to push for clearer communication. Even a simple signal – that any changes would be phased in from future tax years rather than applied immediately – would go a long way to reducing the fear and noise that builds around every Budget cycle. 

What better communication looks like 

Government intervention is just part of the solution, though. We need to be better at meeting employees where they are – proactively, clearly, and calmly. That means building communication into your pension strategy year-round, not just reacting when the rumour mill kicks off. 

In-app messaging  

If employees engage with their pension through an app, that’s where they need to see updates. Short, clear messages explaining what’s happening – and what isn’t – can cut through the noise before panic takes hold. 

Smart nudges  

Well-timed prompts can flag potential issues before they become mistakes. A simple message like “Thinking about accessing your pension? Here’s what to consider first” can be the difference between a rational decision and a rushed one. 

Webinars and expert Q&As 

Giving employees the chance to ask questions and hear directly from experts can be more powerful than a lengthy series of emails. A 30-minute session explaining a policy change or debunking rumours can make a real difference. 

Social media explainers  

Social media is often where misinformation can start – but it can also be where we counter it. Short, plain-English videos from trusted voices can reach people in the spaces they already spend time. We’ve been doing exactly this on LinkedIn, and the response tells us employees are hungry for clarity. 

Time to get ahead 

By the time the next Budget comes around, we can be sure that the rumour mill will start spinning again. We’ll see people making decisions about their pensions based on pure speculation. Some of those decisions will be wrong. Some will be irreversible. And many will be entirely avoidable – if we just communicate better. 

Fortunately, there’s no need to wait around – better communication can start right now. The most successful employers build ongoing financial education into their engagement strategy, creating year-round awareness of how pensions work and how employees can make informed decisions when headlines start swirling. 

This is about more than pension admin. It’s about helping people make the right decisions for their financial future – based on facts, not fear. 

Book a free review of your pension scheme 

Want to keep your employees informed, engaged, and confident about their pensions – not just at Budget time, but all year round? Book a free review of your pension scheme and find out how we can help. 

Article by

NatWest Cushon