How pension administrators are reducing document costs

Despite unprecedented growth in the UK Pensions market, organisations in the sector are still under pressure to reduce costs.

With an ageing population, the increase in retirement age and changes to pension pot access means pension administrators are busier than ever. But the step change in regulatory requirements means a sharp rise in the costs associated with compliance. Savings and efficiency improvements are needed more than ever. Which is something hybrid mail can deliver for your business.

What is Hybrid Mail?

In its most basic form, hybrid mail is “mail delivered using a combination of electronic and physical delivery”. Hybrid mail outsources your print and post to an external post room. You and your team create the necessary files and send them to us via a secure connection (SFTP). We then check, classify and send the mail in line with your mailing option of choice.

Customers who prefer electronic post are sent email or SMS notifications, and those who prefer paper documents receive letters through a chosen mail provider. The original electronic documents are safely stored and backed up in secure data storage that’s easy to access for your future needs.

Find out more about Hybrid Mail’s definition here.

Why is Hybrid Mail Useful for Pension Administrators?

The past 10 years have seen a sharp increase in the levels of complexity for UK pension administrators. HMRC demands greater cost transparency and an increased level of mandatory investor communication. Using hybrid mail can help your business manage the increased workload and costs associated with additional client communications.

Quality client communication can come at a cost, with the need to print, post and administration a range of communications. However, when adopting Prime Document’s hybrid mail service to deliver investor communications, you will be able to see how increased communications can be done in a more productive and cost-effective way.

Which Pensions Documents Benefit from Hybrid Mail?

Hybrid mail is suitable for a broad range of regulatory-compliant investor communications. Be assured that all materials will be in line with your specific brand and data requirements and under the constraint of defined timeframes. Here are some of the items we help pension administrators with:

Pensions statements
Retirement letters
Ad-hoc communications
Pension payslips
Pension P60s

How Can Hybrid Mail Save your Business Money?

Transferring your pension investor communication to hybrid mail could save your organisation up to 80% compared to traditional postage methods.

Moving to a combination of electronic and paper post from internally-managed mail means a saving with every letter you process. You can create, transmit, check, print and post each piece of mail for less than the price of a 2nd class stamp. Compared to traditionally managed post, you can see how savings quickly add up,

How does Hybrid Mail reduce costs?

Reduced overheads and staffing costs – Because you use our machinery, there’s no costly equipment for you to purchase or maintain. And using our centrally-located staff reduces your HR requirements and allows you to refocus your team’s efforts on more productive tasks.
Reduced stationery costs – sending communications electronically automatically reduces your stationary costs. Add in the benefit of our impressive buying power on stationery supplies and you can see the potential for savings. And because working with us means you use blank paper, not pre-printed letterheads, sudden increases in demand pose no problem to your stationary supplies.
Impressive postage discounts – our buying power is not limited to ink and paper. Our large volume of post means we can command postage rates beneath stamped or franked mail.

What are the benefits for pension administrators?

The benefits of moving to hybrid mail go beyond saving money for pension administrators. Multichannel document distribution can also improve your organisation’s performance with stronger security, flexibility, visibility and environmental performance.

Increased Security

A move to hybrid mail means you will have the peace of mind that your data is secure. As an ISO 27001 and 9001 accredited supplier you can rely on our standardised and secure data transmission processes to reduce the risks involved in sending sensitive personal information.

We will also check your files for compliance with pre-agreed rules. If inappropriate personal references are included – for example, a National Insurance number – the file is returned to you, via HTTPs, for correction. Once checked and confirmed, your communications are distributed according to your mailing or digital preference.

Increased Flexibility

Scalability is easy for pension providers working with Prime Document. Busy periods, such as year-end or expected peaks in demand, are simple to deal with. We’re able to seamlessly process uplifts in demand by scheduling extra shifts. Even when faced with an urgent communication to all investors, you can rest easy, knowing you’ll be able to reach your clients with the minimum of work and on-cost.

Increased Visibility

Profit from a more accountable approach to investor communication with the improved traceability of hybrid mail. Paper post lacks the visibility of modern technology, whereas hybrid mail gives you an accurate view into your communication tracking. If an email bounces back because of an incorrect or closed email account, we’ll automatically resend a paper version to the investor.

Electronic communication also allows for improved analytics. You can strengthen future performance by studying various factors. Are open-rates better on a weekday or at the weekend? Which subject lines result in the fastest open-rates? Get answers to these questions and see better results.

Reduced Environmental Impact

ISO 14001 accredited, we actively minimise our environmental impact and partner with you to help you do the same. Using only the necessary resources, working with Prime Document is a simple way for you to shrink your carbon footprint, appeal to increasing investor preference and benefit your bottom line.

Why Hybrid Mail with Prime Document?

Prime Document specialises in helping UK pensions administrators remove the effort and cost from complying with regulations with our hybrid mail service. Working with Prime Document gives you the reassurance of working with an experienced provider, able to deliver a range of benefits to your organisation:

ISO accreditations
Registered with the Information Commissioners Office
Tier 3 UK based data centres
Full disaster recovery and business continuity processes in place
Independently assessed “excellent” customer services.

Get in touch for an initial consultation to understand how your business can benefit from the use of hybrid mail. We will analyse your current mailing process, and discuss the best options to suit your business’ needs.

Pension Administrator Solutions