Scheme members often forget their credentials, and this discourages them from signing in and carrying out any online pension tasks.
It is common for scheme members to sign in to their pensions irregularly, and they often forget their credentials. If they are not highly motivated, they may simply give up and decide not to bother signing in. If they ignore their pensions for too long, this can lead to undesirable financial outcomes.
We believe that if we make it very easy for scheme members to gain or regain access to their account details, this will facilitate sign-in rates and lead to better outcomes.
What we did
In September 2020, we built a sign-in helper feature and deployed a closed beta trial to 12,000 scheme members who had never signed in before. The overall conversion rate was 11.5%, which was considered highly successful.
We are in the process of running a series of larger beta trials, allowing us to optimise the email and application design to maximise the conversion rate.