The new rules for pension communication in practice

New pension communication model barely improves information findability

Pension 1-2-3, the new pension communication model, has not yet improved the findability of information on pensions. The user-friendliness of the model could also be improved. These are the conclusions of the first analysis carried out by Netspar researchers Leo Lentz and Henk Pander Maat shortly after the new rules were introduced, which focused on the twenty largest pension organizations in the Netherlands.

Read the full pressrelease and the Netspar Brief  (both only available in Dutch). Read the English summary here.

This Netspar Brief is part of the Netspar research program ‘Communication and Choice’.

Background

People often give less time and thought to their financial plans for the future than they ought to. Furthermore, there is a large difference between what pension providers know about pension products and what their customers know about pension products. Pension providers are therefore legally required to support their customers.

Pension providers are obliged to help individuals make decisions that are in their own best interests and make sure they avoid making decisions that are clearly wrong. The most important ways in which they can support customers are by providing transparent information and personalized communication, and structuring the decision process clearly.

Reading tips

• Summary Netspar Brief 6: The new rules for pension communication implemented in practice Leo Lentz and Henk Pander Maat
• Effecten van gelaagdheid in pensioendocumenten: een gebruikersstudie, Henk Pander Maat, Leo Lentz and Louise Nell
• Pensioenorganisaties en communicatiewetgeving. Exploratief onderzoek naar keuzes en verplichtingen, Leo Lentz and Louise Nell
• Netspar Brief 5: Keuzevrijheid in pensioen, Abstract Netspar Brief 5: Pension Freedom of Choice Harry van Dalen and Kene Henkens
• Zorgplicht voor pensioenproducten, Arjanneke Sandtke, Arthur van Soest, Bas Werker, Benedict Dellaert, Marc Turlings, Mike Rijff, Oskar Poiesz, Sacha van Hoogdalem, Sandra Schellekens, Stefan Lundbergh, Yvonne van Straalen
• Verplichte communicatie en zorgplichten: De wisselwerking tussen werkgever en de pensioenpraktijk, Rijnhout, Rianka, Ivo Giesen, Louise Nell and Leo Lentz
  Weekblad voor Privaatrecht, Notariaat en Registratie, 145(7025), 626-637
• Pension helpdesk calls: A repair mechanism in the client communication of financial institutions
  Nell, Louise, Leo Lentz, Henk Pander Maat and Tom Koole, Studies in Communication Science, 15(1), 103-110, 2015

Current Research projects

• Engaging pension plan participants: How emotions, peer effects, and life events influence the effectiveness of pension communication, Elisabeth Brüggen and Thomas Post (UM) driejarig thema-project, start januari 2016
• Preparing for retirement: tailoring, literacy and effective pension communication,
  Leo Lentz (UU) en Adriaan Kalwij (UU), driejarig themaproject, start september 2015
• Interactive Pension Communication and Decision Making, Benedict Dellaert en Bas Donkers (EUR), driejarig themaproject, start januari 2013

Events

• October 10, 2016 in Zeist
  Taskforce Hoe kunnen individuele pensioenkeuzes worden verbeterd?

More information

For questions related to the Communications and Fiduciary Duty theme, please contact program coordinator Arthur van Soest.