Sometimes our emails and letters to scheme members get ignored, or they fail to reach their destination. SMS provides an additional channel for important service messages.
Lost pensions are a common problem in the pension industry. Members often lose track of their pensions and fail to use them in retirement. To mitigate this, efforts should be made to ensure communications actually reach the intended recipients. SMS text messages are known to have a good conversion rate (i.e. people tend to respond to them).
We believe that SMS messages will provide an effective channel for important service messages, particularly if paired with web pages designed to build trust and answer common questions.
We are in the process of preparing to run a closed beta trial with 5,000 scheme members. Conversion rates will be compared against email.