Retirement Line provides input at Money and Pensions Service ‘Listening Event’

Members of the Retirement Line team recently contributed to the national strategy of the new Money and Pensions Service. Attending a ‘Listening Event’ in Peterborough, we provided input on a range of issues, drawing on our experience of helping thousands of clients with their annuity purchase.

The overriding question put to attendees was: “How should the Money and Pensions Service prioritise resources to best serve the needs of customers?”

Discussions largely centred around what can be done at different stages in a person’s life. These included planning for retirement, and accessing savings and pension contributions upon reaching retirement age.

Retirement Line’s representatives provided feedback on areas where we believe the Money and Pensions Service can play a helpful role, including the following:

• Pensions information for employers and employees. There could be a need for further materials and tools to help employers engage with and educate employees on auto enrolment. One suggestion was a tool to reverse engineer the process, i.e. asking employees what sort of retirement lifestyle they would like and then illustrating the regular savings and pension pot size required to achieve this.
• Reaching the self-employed. With the growing numbers of self-employed people falling outside of auto enrolment, they need targeted help to understand their retirement planning and saving options.
  
• Offering online support. Consumers can often be embarrassed about discussing their finances. Offering web chat, WhatsApp or other text-based services is therefore important in helping more people engage with the Money and Pensions Service.
• Avoiding jargon. Clients tell us they like the fact that our annuity service is mindful of the need to use plain English and avoid jargon. We believe this is a sound principle to follow when helping consumers with financial matters.
• Financial education at an early age. We welcome the fact that the Money and Pensions Service recognises the need to help educate children and young people on financial matters.

Inviting contributions from across the industry

This event was one of several being held around the country by the Money and Pensions Service during May and June. They are part of a wider listening exercise that will run through to September 2019. People across the financial services sector, including charities and community groups, are being asked to help shape the service’s strategy and direction.

The Money and Pensions Service has been set up by government to bring together the Money Advice Service, Pensions Wise and The Pensions Advisory Service. Its objectives include improving the ability of members of the public to make informed financial decisions, ensuring that information, guidance and advice is available to those most in need of it.

There’s still time for you to contribute

Financial advisers and other industry personnel are invited to take part in the consultation process. You can find more information on the Money and Pensions Service website, including details of the remaining Listening Events.