Today we’ve published our Strategic Plan 2019/22 outlining how we’ll continue to protect our members in a volatile market while setting new standards.
As Oliver Morley, our Chief Executive, explains in the video above, the plan confirms our strategic priorities:
- Sustainable funding in volatile times
- Built for innovation
- Brilliant service for our members and schemes
- The best of the financial and public service cultures
- Clear value for money
“Over the next three years we’ll be setting standards for innovation, assurance and service,” says Oliver. “We’ll do this by adopting innovative approaches to our business operations including moving to cloud based technology and the development of digital technologies so we can respond quickly and efficiently to the environment we operate in.”
For the first time we’ve also published the key actions we’ll take in the next year in our Business Plan for 2019/20, these include:
- Developing innovative digital services that, as our membership grows, allows us to stay agile, efficient, productive and cost effective
- Increasing the use of member communications via our existing social media channels and introduce new online services including web chat and co-browsing to encourage members to engage with us using their preferred device
- Remaining prudent and maintaining our current funding strategy and low risk investment approach. This will make sure we have sufficient revenue and reserves to take on large schemes with significant deficits without risk to members
- Continuing to work closely with our levy payers to develop services that make it easier for them to comply with their levy obligations
- Drawing on the best of the financial and public sectors, including the standards they are held to, and attracting, recruiting and retaining a diverse employee population
Despite market volatility we’re on track to meet our long-term funding target – to be 110 per cent funded by our funding horizon, which is currently assessed as being 2030. Our levy estimate for 2019/20 was reduced to £500 million and we predict this continuing to go down in the long-term.
“We’re the backstop for our members and as such, we want to provide assurance to them that we’ll be there for as long as they need us,” says Oliver.