Efficiency in our member services
This has allowed us to maintain award-winning levels of service alongside stable costs and headcount. As part of this, we’ve transformed our digital service to allow members to get critical information and deal quickly and easily with us online. As a result, online transactions have increased from 52 per cent to 78 per cent over the Strategic Plan period, exceeding our target.
We’ve improved our online retirement tool by allowing people to set up their retirement payments up to three months in advance. We always write to members three months before their normal pension age to explain what their entitlement options are. Now they can go online and complete the next step there and then, saving the need to remember to do it in future, as well as saving them paperwork.
We’ve also made it easier for members to change personal details online, such as their name or marital status following a marriage or divorce. It’s now possible to upload evidence documents via our member website – the most secure way to do this.
Improving value for money
Alongside monitoring our own ‘cost per member’, we’re externally benchmarked alongside 11 of our peers, both for our costs and our level of customer service, by CEM Benchmarking.
Thanks to our efficiency measures, we’ve reduced our CEM Benchmarking cost per member by 12.3 per cent over the last year. Having previously had some of the highest running costs among our peer group, we’re now judged as seventh out of 11 on cost. At the same time, our service, which has always been at the top of our peer group, remains first out of 11.
We’re proud to have achieved better value for money while improving on our already extremely strong service.
“I worked for Telcon Metals for about 10 years in a few roles. I started in research, then I went into quality control, then sales and product
“I left in 1995 but I still know people who worked there up till the end. The company had shrunk in a short time and parts of it had been sold off. When it collapsed, I received a letter to say that the pension scheme could be joining the PPF. I was a bit taken aback – you think about the company, but you forget about the pension side of things.
“The unknown is always a little bit daunting, but I looked up the PPF and found some success stories. I knew someone who looked after the pension scheme for another of my former employers. She said it was alright and that sometimes the PPF is better than the old scheme, so I felt reassured by that.
“The scheme eventually went into the PPF. It feels very trustworthy. I’m still working but I’ve had a look at the website to see how much I could receive and when I can take it. It’s a really easy site to use.
“Last year I had to phone the PPF to ask about something on the website. A really helpful lad talked me through what I needed to do. He thanked me for letting them know about the website wording and said they’d sort it out.”