18 Dec Member communication
The low levels of adult financial literacy in South Africa contributes significantly to high household debt, low savings rates, and a retirement crisis. In many instances, effective communication can lead to a successful retirement rather than a lifelong struggle.
Pension fund administration companies such as Salt EB have a crucial role in member communication, especially in areas such as:
Decision-making.
A member cannot make decisions without knowing the options when faced with transferring benefits when changing jobs, choosing between lump sums and annuities, and grasping the impact of continuously depleting their savings portion.
Understanding Benefits and Rules.
Members must understand what they are entitled to, whether that’s related to retirement, death, disability, or funeral cover. Something as basic as understanding the importance of updating beneficiary nominations and knowing how to go about it is essential. Or knowing the power of compounding interest can persuade a member against excessive savings withdrawals.
Getting through to members.
Communicating is one thing but getting through to members is another.
With so much at stake for members, Salt EB has comprehensive communication programmes and platforms in place, ranging from educational visits to members’ workplaces, an intuitive App and providing material written in everyday language among others.
Member communication is a high-skilled and specialised service offered by Salt EB and is never a tick box exercise.
salteb.co. za
Salt Employee Benefits is South Africa’s largest independent employee pension fund administration company.