Communications for this cohort could include rules of thumb, and targets based on what people would want to do in retirement and the peace of mind that can be gained from saving early. These targets could be numerical rules of thumb like 12% of your earnings or on the basis of a basket of goods as is proposed by the Pensions and Lifetime Savings Association.
Specific messages could also be based around moving jobs and re-enrolment. This should inform consumers about what they could do, such as saving more and consolidating pensions.
Purpose of communication
• Start to set targets for consumers’ standard of living in retirement.
• Take stock of where you want to be and what you need to do to get there.
• Signpost to guidance and encourage consolidation.
Examples of key messages
“If you’ve had a number of jobs over your career you’ll probably have a lot of different pensions. Putting all your savings in one pension could help you keep track of it.”
“To afford a good standard of living in retirement you need XXX, you are currently on track to achieve this at age 72, it can be sooner if you save more.”