The new DC world are we nearly there yet?

#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


21 April 2016



#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

INVESTMENT

BANK

Blended fund

structure

Bespoke asset

allocation

Well diversified

Significantly lower

fees and costs

CASE STUDY ONE THE STRATEGY

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


2. Tell stories

Quietroom 111


3. Communicate at meaningful times

Quietroom 113


4. Use media people are comfortable with


5. Stop scaring me with complexity

Quietroom 116

Quietroom 119

Quietroom 120

Quietroom 121

Quietroom 122


6. Use words that let people

join in the conversation


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






Passive

voice and

lack of

pronouns

Quietroom 133






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






Abstract

nouns

Quietroom 139






Ladder of

abstraction


Change the words, change the relationship, change the bottom line

The ladder of abstraction

Literature

Detective fiction

Murder at the Vicarage by Agatha Christie




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




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 144






Ladder of

abstraction

Quietroom 145






Distant/

split

deixis

Quietroom 146






Two-

thought

sentence

Quietroom 147






Two-

thought

sentence

Quietroom 148






Two-

thought

sentence






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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


21 April 2016



The new DC world are we nearly there yet?

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