Financial Education:
Financial Education is the cornerstone of the Cushon proposition. They provide both generic and personalised content to their members via online services, face-to-face support, video content and their mobile app. They also have the ability to host bespoke content provided by the employer if required.
Cushon can provide a wide range of financial education to their members. This includes information on what a pension is, the State Pension, death benefits, investment options, budgeting, savings, and wills. This can also be personalised based on the members age and retirement date.
Savings vehicles:
Cushon offer access to a wide range of additional savings vehicles as part of their pension and workplace savings proposition.
They offer an Investment ISA with a cash option currently via Metro Bank (but adding more providers soon), Junior ISA and Lifetime ISA, all of which allow contributions to be made at source via payroll, the redirecting of payments which are above the Auto-Enrolment minimum requirements (additional employer contributions), one off payments by the member and transfers in from an existing policy. They also offer a GIA as part of their proposition.
Member communications and support:
Cushon communicate, interact and engage with their members by email, phone and webchat. They also use push notifications via the mobile app and member portal and can create savings statements which are updated in real time via all digital channels.
Research and educational events:
Cushon conduct their own research to gain a better understanding of what their users want from a financial wellness program. This includes questionnaires, interviews, case studies and focus group with their members, employer clients and advisers. They also host financial wellness events for advisers, employers and members and have a dedicated financial wellness team on hand to support.
Emergency Cash Fund:
Cushon are one of the few providers who can help their members create an emergency cash fund, which is held in ether an ISA or GIA wrapper. They also provide educational content for members via multiple channels (online, face-to-face, printed and via the member mobile app) explaining the importance of having an emergency cash fund and offer incentives and rewards for members setting one up.
Danny Meehan, Head of Workplace Savings at Cushon says: “ Our research shows that a one dimensional approach to workplace savings is no longer sufficient to meet the diverse needs of all employees; it shouldn’t just be about pensions and retirement planning. Employees need support from their employer to help with more immediate financial needs as well as longer term needs and so we’ve developed an integrated approach which comprises short, medium and longer terms savings. It’s a far more engaging proposition especially for younger employees who are likely to be focused on more immediate priorities such as getting on the housing ladder. Our proposition recognises differing priorities.
“This integrated approach isn’t just about combining products, it’s about providing a holistic solution that includes education – so employees feel supported on the journey. We’re a fintech and so technology plays a big part in this. Through our app it’s easy for employees to manage their pensions and savings all in one place and make informed financial decisions. Our 24/7 automatic monitoring service is constantly checking on members’ investments and through nudges and alerts helping them keep on track and engaged with their savings goals.
“We’re really proud of what we do and it’s great that Benefits Guru have recognised the innovation we’re bringing to pensions and workplace savings.”
