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ABP draws on neuromarketing to ‘revolutionise’ member communications

first_img“Everything is changing in pensions, so we want members to be aware about it, recognise whether they need to take action, and what to do.”Besides changes in pension rules made by regulators, there are a number of legal practicalities which members should be reminded of, said Vonken.For example, in the Netherlands, when two people move in together, they need to nominate their partner as their pension beneficiary by agreeing a living-together contract and registering the partner in the pension plan. Otherwise, the partner will not have a claim on any benefits if the member dies.Similarly, when people change jobs and, consequently, their pension fund, they can choose to transfer the accrued value at their previous pension fund to their new pension fund.The work was carried out by a research agency with 40 volunteers, a relatively high number for neurological research.Volunteers were placed in a scanner and given 118 statements about pensions, each together with a picture.Individual statements were shown only for a brief time, to focus on the individual’s subconscious reaction.The scan showed which parts of the brain showed activity while assimilating which piece of information. Positive emotional reactions included desire, expectation and trust, while negative responses included fear, anger and disgust.The research found that people will only take action (read information, nominate someone or become a subscriber to the newsletter, say) when the balance of emotions is positive and when people perceive the stimuli they see as appealing.“In general,” Vonken said, “the results showed that, in their communications with members, pension funds have to focus on positive associations with pensions.“For instance, rather than warn how important saving for a pension is, we should emphasise how people who save can enjoy their pension later on.”The concept of pensions as a whole was perceived negatively by the research subjects.However, the fact there is a uniform pension overview (UPO) – an annual statement of expected retirement income and death benefits, which all Dutch pension funds send to members in standardised form – was perceived favourably.ABP says this may be because it is personally applicable, uniform and regular.People find information about their own pension relevant, said Vonken, but sometimes they need extra motivation to actually do something about it.The extra motivation can be based on positive associations with pensions and retirement and the right wording and imaging.The research also highlighted the effects on people’s subconscious of intrinsic motivation – such as feeling good about being well prepared for the future right now by subscribing to the newsletter – and extrinsic motivation – for instance, inducements such as offering the chance to win an iPad to members who subscribe to the newsletter of their pension fund.The results showed that the right intrinsic motivation was as effective as extrinsic motivation because it gave people a sense of wellbeing.Extrinsic motivations are also likely to wear off over time.And, according to Vonken, a lot of small changes can make a big difference.For instance, the subject line in an email newsletter can increase the number of people who read it and go to the pension fund’s website, thus getting informed.“ABP and the pension fund industry believe it’s their job to make people more aware of their finances,” said Vonken.“We can help them become aware of it and support them with information, as a result of which they might take the necessary actions to make sure they are well prepared for their retirement.”ABP’s marketing and communications teams are now being trained to convert the research results into practical improvements to their campaigns.Besides the substance of information, the presentation and layout of documents can also play a role, especially in terms of making the UPO more relevant to members.ABP is currently working on this aspect of the research as well. Dutch pension fund ABP has carried out specially commissioned neuromarketing research to make its communications to members more effective.Neuromarketing is the study of how people react subconsciously and emotionally to external stimuli, such as written information or pictures, by monitoring brain activity.It also measures emotional responses, so can be a useful tool in giving advertising or marketing messages more impact.Joyce Vonken, marketing intelligence specialist at ABP’s administration agency APG, said: “Around 95% of decisions people make are made subconsciously. We wanted to know how pension fund communication influences people’s subconscious emotions and associations, how effective the communication is and how we can improve it.last_img read more

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Duterte: Water firms liable for graft, plunder

first_imgPresident Duterte made the statement as the Department of Justice announced that it is working to revise the concession agreements with Maynilad and Manila Water after they found several “onerous” provisions in the deals. MANILA – President Rodrigo Dutertewanted to talk with the people behind the controversial 1997 water concessionagreements as he insisted on not paying the Maynilad and Manila Water. “Hindi ito maareglo hangga’t hindi ko makausap ‘yung mga (water) concessionaire,” says President Rodrigo Duterte. PCOO The President also claimed that the water companies have cheated the public of trillions of pesos for passing corporate income tax payments to the consumers and for their failure to establish wastewater treatment facilities “Kaya sabi ko, paano mo aregluhin ‘yan ngayon? They say na, “aregluhin natin.” How? How will I compromise? It’s plunder. That is the classic economic plunder. How can now I tell the people as President: Adre, p***, aregluhin na lang natin ‘to. Tell me. Tell me those f****… Tell me kung papaano ko sabihin sa tao?” he added.center_img “Trillion ‘to, sobra. The fact alone that all these years we were paying a fee para sa water treatment but it’s never came into being all these years. Then corporate income tax was passed on to the Filipino people,” Duterte said. “Kayagusto ko silang makausap. Hindi itomaareglo hangga’t hindi ko makausap ‘yungmga concessionaires,” the President said in a speech at the Malacañang onMonday evening. The President last week threatened to pursue economic sabotage charges against the water distributors as he claimed that Filipinos were being “milked by billions.”/PNlast_img read more

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Match officials for final round matches

first_imgThe Referees Committee of the Ghana Football Association has announced the list of officials for the last round of matches for the first round in the Glo Premier League.Below is the list of referees and assistants for match-day-15 on Saturday and Sunday.Saturday, January 5Match: Heart of Lions vs. Wa All StarsVenue: Kpando ParkReferee: Silas Okine Assistant 1: David AgyinAssistant 2: A.F. Zakari4th Official: J.A. AmenyaSunday, January 5Match: Liberty vs. Asante Kotoko Venue: Accra Sports StadiumReferee: Emmanuel Eku BoatengAssistant 1: Rubean LaryeaAssistant 2: Kennedy Bentil4th Official: William Agbovi Match: Amidaus vs. RTUVenue: Tema StadiumReferee: Yaw AmetepeAssistant 1: Beatrice ThaudAssistant 2: John Hodzade 4th Official: Franklin CobbinahMatch: AshantiGold vs. ChelseaVenue: Len Clay StadiumReferee: John AtikeseAssistant 1: Effah Tetteh Assistant 2: William Okoampa4th Official: S.B. BorteyMatch: Aduana vs. DwarfsVenue: Agyemang Badu ParkReferee: Samuel Gyasi Assistant 1: Ashitey AmarhAssistant 2: S.V. Hammond4th Official: Ernest BaafiMatch: Arsenals vs. EdubiaseVenue: Golden City ParkReferee: Desmond AbbeyAssistant 1: Ibrahim AdamsAssistant 2: James Mornah4th Official: Seidu BomisonMatch: Medeama vs. Tema YouthVenue: T&A ParkReferee: Nuhu LimanAssistant 1: Shine AyiteyAssistant 2: Mark Adzadza4th Official: Frederick BediakoMatch: King Faisal vs. Hearts of OakVenue: Baba Yara stadiumReferee: Daniel DorgbetorAssistant 1: Michael FletcherAssistant 2: Samuel O. Boateng4th Official: Solomon Mordeylast_img read more