The financial services company is also looking to ramp up its efforts to simplify customer communications in an effort to make its products more accessible.
Axa UK group marketing and communication director Cheryl Toner says it wants to tackle apathy among 18 to 24-year-olds, who she claims are “put off” by savings and investment products.
Research by YouGov commissioned by Axa found that almost one in five of those polled said they are reluctant to start a pension because of the name.
To this end, Axa and Collins English Dictionary have unveiled a shortlist of alternatives – Future Fund, Age Wage, Freedom Plan and Magic Beans – that are currently being voted on. The winner will be unveiled on 6 December.
Toner says Axa will then research the winning alternative suggestion to consider if names other than “pension” could be used in the future.
She adds that the firm is also looking to extend its “clear communication” initiative, a long-term commitment to provide clear and simple information across all customer communication channels including direct mail and in its call centres.
Toner was promoted to the top UK marketing job at Axa in September. She stepped up from the role of UK strategic marketing director and replaced Olivier Mariée, who took on the global role of group marketing and distribution director.
The firm appointed Havas UK to handle media planning and buying in August.