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#LCPDCconf
LCP Defined Contribution Conference
21 April 2016
The new DC world –
are we nearly there yet?
#LCPDCconf
Mark Jackson
Chairman’s welcome
You are in your 20s
What appeals most?
First
home Pension
…and now in your 30s
What appeals most?
Access to
savings (with penalty)
No access
to savings (until retire)
First
home
#LCPDCconf
Stephanie Flanders
JP Morgan Asset Management
Opening address
Guide to the Markets
UK | |
MARKET INSIGHTS
Q2 2016 As of 31 March 2016
9
| GTM – UK The global economy looks weaker
Composite PMIs: EM vs. DM Global manufacturing vs. global services PMIs
Index level Index level
Source: (Both charts) FactSet, Markit, J.P. Morgan Asset Management. The Global Purchasing Managers’ Index (PMI) assesses the economic health of a sector and the overall economy by
surveying output and employment intentions. Guide to the Markets - UK. Data as of 31 March 2016.
G
lob
al e
co
no
my Emerging markets
Developed markets
Manufacturing
Services
12
10
GTM – UK |
0
1
2
3
4
5
6
7
'99 '03 '07 '11 '15 '19
…but central banks have come to the rescue – including the Fed
Federal funds rate expectations
% Fed funds rate, FOMC and market expectations
Source: Bloomberg, Federal Reserve Bank of New York, US Federal Reserve, J.P. Morgan Asset Management. *Forecasts of 17 Federal Open Market Committee (FOMC) participants, midpoints of central
tendency except for Federal funds rate, which is a median estimate. Guide to the Markets - UK. Data as of 31 March 2016.
G
lob
al e
co
no
my
23
Federal funds rate
FOMC long-run projection
Market expectations on 31 Mar 2016
US Fed FOMC forecasts median
US Fed FOMC forecasts range
3.3%
11
0
25
50
75
100
125
1900 1912 1921 1933 1949 1961 1980 2001
Prior Expansion Peak
— 4Q48 — 1Q80
— 2Q53 — 3Q81
— 3Q57 — 3Q90
— 2Q60 — 1Q01
— 4Q69 — 4Q07
— 4Q73
Expansions: 46 months
Recessions: 15 months
Average Length (months):
Source: BEA, NBER, J.P. Morgan Asset Management. *Chart assumes current expansion started in July 2009 and continued through March 2016, lasting 81 months. Data for length of economic
expansions and recessions obtained from the National Bureau of Economic Research (NBER). These data can be found at www.nber.org/cycles/ and reflect information through March 2016. GDP
growth is growth in constant 2009 dollar GDP.
Guide to the Markets – U.S. Data are as of March 31, 2016.
The US is not “due” a recession
Length of Economic Expansions and Recessions Strength of Economic Expansions Cumulative real GDP growth since prior peak, percent
81 months* Eco
no
my
Number of Quarters
-6%
4%
14%
24%
34%
44%
54%
0 8 16 24 32 40
GTM – US | 17
12
| GTM – UK We don’t see recession coming in the eurozone either
Change in unemployment and unemployment rate Retail sales and industrial production Thousands of people (LHS), % rate (RHS) Index level
Source: (Left) Eurostat, Thomson Reuters Datastream, J.P. Morgan Asset Management. (Right) Eurostat, J.P. Morgan Asset Management. Light grey columns in all charts indicate recession.
Guide to the Markets - UK. Data as of 31 March 2016.
7
8
9
10
11
12
13
-500
0
500
1,000
1,500
2,000
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16
Unemployment rate Change in unemployment
G
lob
al e
co
no
my
90
95
100
105
110
115
120
'97 '99 '01 '03 '05 '07 '09 '11 '13 '15
Industrial production
Retail sales
18
13
| GTM – UK Or the UK…
Retail sales vs. consumer confidence Manufacturing and services investment intentions Index level (LHS); % change year on year (RHS) Index level
Source: (Left) GFK, ONS, Thomson Reuters Datastream, J.P. Morgan Asset Management. (Right) Bank of England, Thomson Reuters Datastream, J.P. Morgan Asset Management. Light grey columns in
all charts indicate recession. Guide to the Markets - UK. Data as of 31 March 2016.
-4
-2
0
2
4
'97 '99 '01 '03 '05 '07 '09 '11 '13 '15
Services
Manufacturing
-10
-5
0
5
10
15
-60
-40
-20
0
20
40
'79 '84 '89 '94 '99 '04 '09 '14
Retail sales Consumer
confidence
U
K e
co
no
my
6
14
GTM – UK | …But we need to talk about Brexit
Relative growth in real GDP per capita % change year on year
Source: European Commission, J.P. Morgan Asset Management. Trend is polynomial regression with order of five. *Combined GDP per capita growth. Guide to the Markets - UK. Data as of 31 March
2016.
U
K e
co
no
my
9
-8
-6
-4
-2
0
2
4
'51 '56 '61 '66 '71 '76 '81 '86 '91 '96 '01 '06 '11
Trend
UK minus the average of France,
Germany, Italy*
UK joined EU
15
GTM – UK |
Trade weighted GBP
Source: J.P. Morgan Economic Research, J.P. Morgan Asset Management. Data as of 4 April 2016.
-10%
+21%
Sterling has borne the brunt so far
16
| GTM – UK Incredibly, yields on “safe” assets have fallen even further
Yield to maturity of government bonds Global government bond yields % yield % of BofA/Merrill Lynch Global Government bond index
Source: (Left) Bloomberg, BofA/Merrill Lynch, J.P. Morgan Asset Management. (Right) FactSet, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 March 2016.
13
0
20
40
60
80Yield below 1%
Yield below 0%
Jan ‘14 Jun ‘14 Dec ‘14 May ‘15 Nov ‘15
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
1 3 6 1 2 3 5 7 10 15 20
Months Years
G
lob
al e
co
no
my
Germany
Japan
US
UK
17
| GTM – UK Lesson of 2015: markets are from Mars, economies are from Venus
Europe economy vs. equity market US economy vs. equity market
Source: (Left) Eurostat, FactSet, IMF World Economic Outlook October 2015, Stoxx, J.P. Morgan Asset Management. European equities is Stoxx 600. (Right) BEA, FactSet, IMF World Economic Outlook
October 2015, Standard & Poor’s, J.P. Morgan Asset Management. US equities is S&P 500. Guide to the Markets - UK.
Data as of 31 March 2016.
0
20
40
60
80
0
20
40
60
80
% of GDP, % market cap of index % of GDP, % market cap of index
Economy
Equities
Economy
Equities
E
qu
itie
s
37
International exposure Energy and commodities Manufacturing US consumer International exposure Energy and commodities Manufacturing European
consumer
18
| GTM – UK
0
1000
2000
3000
4000
5000
6000
0
20
40
60
80
100
120
2000 2005 2010 2015
Will the future be different for commodities and the dollar?
Commodity prices Index level, rebased to 100 at December 2012
China’s imports of key commodities Thousand metric tonnes
Real gross fixed capital formation in commodity industry
Index level, rebased to 100 at January 1995
Source: (Left) Bloomberg, FactSet, J.P. Morgan Asset Management. (Top right) Thomson Reuters Datastream, China Customs, J.P. Morgan Asset Management. (Bottom right) Australia Bureau of
Statistics, Worldscope, Thomson Reuters Datastream, J.P. Morgan Asset Management. *Global data defined as global listed integrated oil and gas. Guide to the Markets - UK. Data as of 31 March 2016.
67
Bloomberg Commodity Index weights
Livestock 5% Industrial metals 15%
Energy 30% Precious metals 17%
Crops 33%
50
150
250
350
450
550
0
200
400
600
800
'95 '00 '05 '10 '15
Global oil and gas*
Australian mining
O
the
r a
sse
ts
Iron ore (LHS)
Copper (RHS)
Crude oil (LHS)
19
What we do know: there is no “best of both worlds” option outside EU
J.P. Morgan Asset Management: Risks and disclosures
The Market Insights programme provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-
making, the programme explores the implications of current economic data and changing market conditions.
The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries
to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current
market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of
any error or omission is accepted. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or
products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own professional advisers, if any investment
mentioned herein is believed to be suitable to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. It should be noted that investment involves
risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance
and yield may not be a reliable guide to future performance.
J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This communication is issued by the following entities: in the United Kingdom by
JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other EU jurisdictions by JPMorgan Asset Management (Europe) S.à r.l.; in Hong Kong by JF Asset
Management Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited; in India by JPMorgan Asset Management India Private Limited; in Singapore by JPMorgan Asset
Management (Singapore) Limited, or JPMorgan Asset Management Real Assets (Singapore) Pte Ltd; in Taiwan by JPMorgan Asset Management (Taiwan) Limited; in Japan by JPMorgan Asset Management (Japan)
Limited which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is
regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Korea by JPMorgan Asset Management (Korea) Company Limited; in Australia to
wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Cth) by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919); in Brazil by Banco J.P. Morgan
S.A.; in Canada for institutional clients’ use only by JPMorgan Asset Management (Canada) Inc., and in the United States by JPMorgan Distribution Services Inc. and J.P. Morgan Institutional Investments, Inc., both
members of FINRA/SIPC.; and J.P. Morgan Investment Management Inc.
In APAC, distribution is for Hong Kong, Taiwan, Japan and Singapore. For all other countries in APAC, to intended recipients only.
Copyright 2016 JPMorgan Chase & Co. All rights reserved
0903c02a8122e2fb
Prepared by: Stephanie Flanders, Vincent Juvyns, Dr. David Stubbs, Maria Paola Toschi, Michael Bell, Alexander Dryden, Nandini Ramakrishnan.
Unless otherwise stated, all data as of 31 March 2016 or most recently available.
Guide to the Markets - UK
JP-LITTLEBOOK
#LCPDCconf
Andrew Cheseldine
There’s a hole in my bucket dear LISA
Bad
news
Good
news The
future?
Bad news
6 million “in”
workplace
pensions
Rational
decisions at
retirement
Sensible
questions
being asked
Code of
Practice v2
National
Living Wage
Commission
and AMD
banned
Good news
Number of
Employers
Scheme type Number of eligible
jobholders
Number of
members
4,000 DB & Hybrid plans 6,700,000 6,300,000
30,000 Trust based DC plans 2,000,000 1,700,000
25,000 MasterTrusts 5,500,000 5,000,000
30,000 Contract based DC plans (eg GPPs) 6,000,000 5,500,000
1,400,000 No plans or ineligible 8,000,000
28,200,000 18,500,000
Source:
Wanting to avoid cost of
governance
Prepared to give up investment
& communication flexibility
MasterTrust
Contract based
Existing DB schemes (and
potential S75 debt) with DC
section
Existing stand alone trusts
Trust based
DC
Nursery
MasterTrust MasterTrust
for drawdown
Core plan
Stand alone
trust
What about LISA?
Source:
£0.0
£5.0
£10.0
£15.0
£20.0
£25.0
£30.0
£35.0
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Vla
ue o
f n
ew
an
nu
al co
ntr
ibu
tio
ns
Nu
mb
er
of
acti
ve m
em
bers
('0
00)
Date
Number ofactive DCmembers('000)
Newcontributions(£ billion)
Estimated total active DC membership and annual contributions
The future?
How much
can I get as
tax-efficient
income?
How should I
structure that
“income”?
£37,000
£82,000
(excluding ISA income) and be
a non-tax payer
(excluding ISA income) and still be a
basic rate tax payer
How much
can I get as
tax-efficient
income?
GIA
ISA
DC
ISA / LISA
DC (matching)
National Insurance
How could I
save to
achieve this?
ISA – Individual Savings Account
LISA – Lifetime Individual Savings Account
GIA – General Investment Account
£8,100 Basic State Pension
£8,000 DC pension (via UFPLS drawdown)
£1,000 ISA income
£16,600 Net income = 85% net replacement ratio
£17,100 Gross income = 68% gross replacement ratio
£25,000 pa gross salary with 5%
AE contributions (£19,500 pa net)
& £20,000 ISA pot
Now TRA SPA
Current DC pot
Other pots
State Pension
Other (ISA / DB)
887,987
Lifetime
Allowance
10
30 20
40
Annual
Allowance
“Robo-advice”
Understanding Engagement Protection
Focus on all your members, not just the high earners
Engage members with the real world
Re-evaluate what you are trying to achieve with your
workplace pension
CHECKLIST
#LCPDCconf
Mick McAteer
The Financial Inclusion Centre
Pensions Policy in the UK: one step forward, two
steps back
PENSION REFORM IN THE UK: ONE STEP
FORWARD, TWO STEPS BACK
LCP Defined Contribution Conference, April 2016
Mick McAteer, The Financial Inclusion Centre, www.inclusioncentre.org.uk
The Financial Inclusion
Centre Financial services that work
for society, not the few
CONTENTS
• Objectives of pensions policy
• Background to recent reforms
• Impact of reforms – one step forward, two steps back
• Potential solutions
OBJECTIVES OF PENSION POLICY
• Pensions policy should have four objectives
– Maximum number of people have sufficient assets to generate decent retirement income
– Retirement incomes are sustainable (ie. people don’t run out of money/fall back into
poverty)
– People are not exposed to undue risks in retirement (market risks, misselling, scams)
– Pensions system/market is as efficient as possible (more it costs, more people have to
save)
– How well are we doing?
• Savings ratio falling again, 1/2 households < £1,500
• Savings ratios 10 yr avg -‘Anglo-Saxon’ countries: 0.2%; Continental Social Model (CSM): 8%
(Euro area-8.8%); ‘Family-centric’: 3.1%
• Some signs of deleveraging but unsecured credit appears to be growing again – OBR forecast
total debt-income ratios will return to pre-crisis peak
• Record low interest rates concealing problems (may have to confront fact that much debt will not
be ‘repaid’)
• Worrying levels of pension underprovision in key groups eg self-employed
• Labour market changes
• UK private pensions coverage heavily skewed towards 1st/2nd income deciles (FSUG)
• Millions of UK households long way from financial resilience and financial security
• £bns spend every year on tax relief, disproportionately benefits better-off
• Subsidises inefficient pensions/investment industry
BACKGROUND TO REFORM
• Sustained underperformance of UK pension schemes compared to OECD rivals (see FIC
research)
• Underperformance contributes to scheme deficits/underprovision and funding costs with
impact on real wages
• Supply chain more complex, inefficient with intermediaries extracting value (churning,
complex investment strategies, alternative investment products etc)
• Concerns about conflicts of interest in institutional markets/master trusts etc
• Market inefficiencies don’t just affect pension saver, harms real economy firm through
value extraction and misallocation of resources
• Pensions/investment sector one of lowest levels of consumer trust
• Affects pension provision and has macro-effects – diverts resource away from productive
real economy assets to property
BACKGROUND TO REFORM
IMPACT OF REFORMS
• Major product design, complexity, governance risks, asset management/ insurers do not have
good track record in financial innovation
• Major marketing and promotion risks
• Additional one-off and ongoing advice and distribution costs into supply chain – extracting
more value from consumers
• Distributor/ adviser risks – will they understand complexity of products/ longevity risks?
• ‘Guidance’ limited - the more consumers are informed about options, the more they will
demand advice and recommendations
• Consumers seriously underestimate life expectancy, but significant longevity risk: life
expectancy at 65=19 yrs but half will live longer
• ‘Lifespan is impossible to predict with any certainty for individuals’ (Institute and Faculty of
Actuaries)
• Majority (57%) with DC given no thought to how long might have to fund retirement (Strategic
Society Centre)
IMPACT OF REFORMS
• Cognitive ability declines with age, pensions are already considered more complex, harder to
understand by consumers – this will be exacerbated
• Misselling, poor outcomes will deter, not encourage saving for retirement
• Experiences in other countries:
– New Zealand: annuities ‘death spiral’
– Australia: ½ spent lump sum on property/ vehicle, lack of genuine lifetime annuity option
requires 15% more assets to fund adequate retirement
• Increases exposure to outright scams
• Overall, annuities reform goes against all the lessons from AE/NEST
IMPACT OF REFORMS
• But ‘LISA’ could further exacerbate problems
• Yet more complexity into the accumulation phase
• More advice and guidance needed – which means more costs being extracted from savings
• UK settled for AE for a reason - we weren’t saving enough, and ‘voluntarism’ just wasn’t
working
• At aggregate level, still aren’t saving enough but undermining savings habit doesn’t help
• We do have a housing crisis in some parts of the UK, many households face
overindebtedness but idea that the same pot of money could be used for several needs –
pension, housing, repaying debts – doesn’t stack up
• We can’t solve one crisis by creating another
SUMMARY
• Reforms undermine ability/propensity to save for retirement at both ends – decumulation and
now accumulation phases
• Undermine long term sustainability of retirement incomes
• Exposes consumers to much greater risks – market, misselling and outright scams
• Goes against the grain of behavioural analysis
• Increases greater inefficiencies into pensions system/market, make it more costly to save
• The better-off/lucky might end up with better options, but will harm lower-medium income
consumers
• Threatens to reverse real progress made via NEST/AE
• One step forward, two steps back
POTENTIAL SOLUTIONS
• Reform pensions tax relief, make flat rate, target savings on self-employed/lower income
households
• New post-retirement/decumulation default option fund to prevent misselling and market failure
- either NEST style or formalise buying of added years in state pension
• But other major supply side reforms needed
• Focus on things we can control, advisers/intermediaries must become obsessive about
reducing costs and improving efficiency, use simple strategies, reduce unnecessary active
management costs, turnover and transaction costs
POTENTIAL SOLUTIONS
• Charge caps important – competition fails to deliver value
• Transparency necessary not sufficient (best solution make fund manager bear all research
and transaction costs with explicit % based fee charged to client)
• Need new, dedicated focus on scheme governance, conflicts of interest and conduct of
business (COBs) in supply chain (wholesale and institutional sectors), inc pension
advisers/consultants
• Make FCA responsible for all aspects of ‘conduct’ regulation – make TPR equivalent of PRA
for pensions
• In years to come, we’ll have a new Pensions Commission to put it all back together again
#LCPDCconf
Questions
#LCPDCconf
LCP Defined Contribution Conference
21 April 2016
The new DC world –
are we nearly there yet?
#LCPDCconf
Laura Myers
The evolution of DC investment strategies
Don't just set objectives, regularly monitor against them
Futureproof your strategy
Don't throw it away at retirement
AGENDA
v
90%
Reviewed since 2014
80%
Multiple lifestyle strategies
Key
risks
Further
legislation
Inadequate
outcomes
What do you
want to achieve?
DC
Is my strategy
delivering results?
DC
Drawdown Cash Annuity
Up to 55
65 plus
Up to 55
65 plus
INVESTMENT
BANK
Blended fund
structure
Bespoke asset
allocation
Well diversified
Significantly lower
fees and costs
CASE STUDY ONE THE STRATEGY
Post retirement
solutions
Post retirement
solutions
Post retirement
solutions
Ability to signpost
members to a
provider
Lower than retail
fees
Governance over
fund range
CASE STUDY TWO
UTILITIES
COMPANY
THE STRATEGY
Regularly monitor your objectives
Futureproof your strategy
Don't throw it away at retirement
CHECKLIST
#LCPDCconf
Mark Smith and Hayley Williams
Make it snappy
Watching
online
videos
Surfing the
internet
Reading
Gaming
TV
Music
downloads
On a
mobile
device
Media in a typical day
Default
investments
Learning
bites
Default
retirement
Default
contributions
£££
Career
long
learning
Joining Taking
benefits Progressing
How does
DC work?
Joining
Siz
e o
f account
Age
Golden Years
Up to 35
Investment
growth
After 45 After 55
What if I give up
my weekly latte?
What
should I
aim for?
Joining
Pro
port
ion o
f final sala
ry
Age
Retirement
savings:
£1,000,000
Retirement
income:
£500,000
£100,000
£50,000
£50,000
£25,000
£5,000
£2,500
Ready
reckoner
Retirement
savings:
20 x salary
Retirement
income:
10 x salary
4 x salary
2 x salary
1 x salary
1/2 x salary
10 weeks
5 weeks
Ready
reckoner
How much
should I
contribute? Increasing your contributions to 7% will cost an extra
£35 a month from your take home pay
How much might I get?
If I keep saving 5% What if I save 7%?
6 x salary 8 x salary
Projected savings at 65 Projected savings at 65
You currently save 5%
£1
Age 68 Age 67 Age 65
Inflation proofed
Not-inflation proofed
£18,000
£10,000
£9,000
£5,000
£12,000
£7,000
£16,000
£9,000
£13,000
£7,500
£20,000
£11,500
£10,000
£6,000
£13,000
£8,000
£16,500
£9,500
Ready
reckoner 12x
salary
6x
salary
8x
salary
10x
salary
Projected
savings
£15,000
£8,500
£19,500
£5,500
How do I get the
most from my
DC savings?
Progressing
Congratulations!
You've saved
1 year’s salary!
Congratulations on your pay rise!
You’re now a 40% tax payer
Pension
scheme
Lifetime
ISA 25% from
government
40% from
government
Congratulations, you now earn more than £100,000!
40%
60%
You pay
Government
pays This is a really
good time to save
more into our
pension scheme
Our tailored
tax modeller
can help
Pensions Warning! You’re getting close to the maximum tax allowances
pensionstaxmodeller.lcp.uk.com
How can I
spend my DC
savings?
Taking
benefits
You could fall into
the £10,000 annual
savings limit
Pensions Warning! You can take your DC pensions savings but…
Look out for the
elephant trap!
Check your plans for the future…
Are you in the right investment strategy?
Flexi-access Cash Annuity
Why take all your tax-free cash at once?
New rules:
Take it in chunks
Old rules:
One off choice
Can you afford to retire yet?
Your target
retirement age
67
Your target
retirement age
63
7 x salary 8 x salary
+ State
Pension
Create career long learning strategy
Help members set realistic targets
Deliver personalised education
CHECKLIST
#LCPDCconf
Vincent Franklin
Quietroom
Treating members like customers
Treating members like
customers
Vincent Franklin
21 April 2016
Quietroom 105
Quietroom 106
Quietroom 107
6 things we learnt along the way
Quietroom 108 Quietroom 108
1. Ask people what they want
Quietroom 109
Quietroom 110 Quietroom 110
2. Tell stories
Quietroom 111
Quietroom 112 Quietroom 112
3. Communicate at meaningful times
Quietroom 113
Quietroom 114 Quietroom 114
4. Use media people are comfortable with
Quietroom 115 Quietroom 115
5. Stop scaring me with complexity
Quietroom 116
Quietroom 117 Quietroom 117
Quietroom 118 Quietroom 118
Quietroom 119
Quietroom 120
Quietroom 121
Quietroom 122
Quietroom 123 Quietroom 123
6. Use words that let people
join in the conversation
Quietroom 124 Quietroom 124
It can be hard to
communicate
when you’re an
expert
The language of people not process
Quietroom 126
Quietroom 127
Quietroom 128
Quietroom 129
Quietroom 130
Quietroom 131
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Quietroom 132
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Passive
voice and
lack of
pronouns
Quietroom 133
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Words that
don’t
resonate
Quietroom 134
Choosing words that resonate
Assist
Prepare
Ensure
Notify
In addition
Prior to
Regarding
Help
Get ready
Make sure
Let you know
And
Before
About
Quietroom 135
Before After
A pension is a way to
get more money
when you retire
A pension is a way to
save
Quietroom 136
Before After
Salary swap Salary sacrifice
Quietroom 137
Before After
Benefit Booster Additional Voluntary
Contributions
Quietroom 138
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Abstract
nouns
Quietroom 139
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Ladder of
abstraction
Quietroom 140 Quietroom 140
Change the words, change the relationship, change the bottom line
The ladder of abstraction
Literature
Detective fiction
Murder at the Vicarage by Agatha Christie
Quietroom 141 Quietroom 141
Change the words, change the relationship, change the bottom line
The ladder of abstraction
Justice
No one goes to prison without a trial
Everyone gets a lawyer to represent them
Trials are held in public, so people can
see justice at work
Quietroom 142 Quietroom 142
Change the words, change the relationship, change the bottom line
The ladder of abstraction
Making the most of your retirement.
Having enough money when you retire to do all
the things you want to do.
Being able to pay the bills. And having enough
money left over to go on holiday, buy Christmas
presents – not worry.
Since he was 15, David has wanted a narrow boat.
So, when he retired from Jonsons last November,
he used his tax free cash lump to…
Quietroom 143 Quietroom 143
Change the words, change the relationship, change the bottom line
Quietroom 144
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Ladder of
abstraction
Quietroom 145
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Distant/
split
deixis
Quietroom 146
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Two-
thought
sentence
Quietroom 147
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Two-
thought
sentence
Quietroom 148
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Two-
thought
sentence
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
Quietroom 149
As some of you will be aware, participation in the Jonson
Brothers’ Employee Benefit Programme, can offer significant
benefits prior to retirement. Further enhancements are planned
and employees are encouraged to familiarise themselves with
the great range of benefits offered.
As you may know, taking part in our Employee Benefit
Programme can help you long before you come to retire. You can
get a range of benefits, from life insurance to money off gym
membership. We’re planning lots of new things too. So log on to
the benefits section of the intranet and find out what might be
useful for you.
Quietroom 150
Clear so people get it first time
Vivid so they remember it
Real so it matters to them
The language of people not process
#LCPDCconf
Questions
#LCPDCconf
Mark Jackson
Chairman’s conclusion
#LCPDCconf
LCP Defined Contribution Conference
21 April 2016
The new DC world –
are we nearly there yet?