Listening to employers: what we learned at our first Employer Advisory Board

Most pension providers love an announcement. A new feature. A new fund. A new look. What they do less often is ask the people using it what they think.

So in September, we did. We hosted Penfold’s first-ever Employer Advisory Board in London. We invited a group of our employer clients to tell us what's working, what isn't and what they'd like to see next.

Here's what the Board is, why we started it and what we learned from day one.

What is the Employer Advisory Board?

It ensures the people who use Penfold day to day have a voice that carries weight.

We bring a group of our employer clients together to do three things:

• Hear what's coming. Penfold shares what they're working on, including early looks at new features.
• Tell us what they think. Employers give honest feedback on what's working and where we could do better.
• Learn from each other. Employers swap ideas with other businesses facing the same questions.

Think of it as part product preview, part open discussion, part drinks with people who understand your pension headaches.

Why did we start one?

For many reasons, but these are some of the top ones:

We wanted to get closer to our clients. Surveys and support tickets tell us a lot. But nothing beats sitting in a room together and hearing what's working, what's not and where we could do more.

Employers are tackling the same challenge. Pensions have a reputation for being beige. Getting employees interested in theirs is hard, whatever the size of your business. Many employers are working on it alone, so we thought they could learn more from each other than from us.

Listening makes us better. When we understand how things look from your side, we make better decisions about the products and support we build.

What did we learn?

• Employers share the same challenges. Whatever the size or industry, employers told us they want the same thing: for their people to understand their pension better.
• Communication needs to feel more personal. Employers want better ways to reach younger employees. More personal, more frequent messages came up again and again.
• A pension is part of the benefits package. Some employers had not thought about how much a pension can add to their wider offering. The discussion gave them a new angle.
• Sharing ideas works. People loved hearing what other employers are doing, and being able to talk openly.
• Simple wins. Employers told us Penfold is easy to use and takes a lot of admin off busy People teams.

What did employers say?

What's in it for employers?

A few things:

• A sneak peek. You see what we're working on before it's more widely rolled out.
• Direct access. You speak to our Product and Client Success teams face to face.
• A network. You meet other employers who know exactly what you're dealing with.
• Ideas you can use. You leave with practical tips on pension communications, getting employees interested in their pension, and financial wellbeing. You also find out what tools, resources and education sessions we can offer to help.

We'll be honest. We cannot promise every idea becomes a feature. But we can promise every idea gets heard, and what we hear shapes how we think about what comes next.

Who can take part?

For our first board, we invited existing Penfold clients working in HR, People, Finance and Operations who:

• have supported their employees to attend pension education sessions
• regularly share feedback on our products
• are committed to helping more employees take an interest in their pension

If that sounds like you, please apply.

A pension provider that listens

A workplace pension should be more than a monthly payment. It should be a partnership.

That's why we're growing the Employer Advisory Board. It's one more way to make sure the people who use Penfold help shape it.

If you're looking for a workplace pension that listens, we'd love to show you what that looks like.