The First Bus pension scheme is dedicated to helping employees make retirement decisions. First Bus’ head of pensions, Muntazir Hadadi, is careful to ensure he and his team are visible so that people know where to turn.
Hadadi reaches people via a revolving nationwide tour of First Bus’ depots. Union representatives and member-nominated trustees also spread the message.
That personal touch is also reflected in First Bus’ digital pension communications. “We try to drive people to our email address so that the team can respond to questions, which we do very quickly,” says Hadadi. This approach has paid off: First Bus can receive 50 email queries a day from members.
Along with regular online content, scheme members receive a newsletter, which is also distributed in print so busy bus workers can read it in their own time. Those with larger pots can also access paid-for financial advice. Next on the list is an app for members.
Hadadi emphasizes how important it has been for many of First Bus’ 18,000 employees to meet the pensions team in person during their depot tours, which have taken place across 50 sites nationwide, from Scotland to Cornwall. “We have probably talked to over 1,000 people one on one,” he says. “But it’s not just us talking to them; they will then go and tell their friends in the canteen. Those conversations have a huge impact.”
However, Hadadi realises he cannot get to each of First Bus’ 70 nationwide bus depots regularly. Training member-nominated trustees and reaching out to First Bus’ trade union, both of which are trusted and popular sources of information, and asking them to talk pensions has been highly effective, he says. The trustees are also plugged into other communication channels, like Facebook and WhatsApp, where they can answer questions and dispel inaccurate information.
It is also key to consider how the retirement strategy sits alongside wider financial education, adds Hadadi. Next on his to-do list is more financial education, starting with the basics: concepts such as how mortgages and credit cards work, along with budgeting.
