Call: 0300 123 1047

Call: 0300 123 1047

Webchat
Ask Us

Tackling pensions jargon

The ABI’s launch of its ‘Making Retirement Choices Clear’ guide helps to tackle the use of jargon when talking about pensions and retirement. It proposes that the new retirement options be explained as:

  • You can keep your pension pot where it is
  • You can take your whole pension pot in one go
  • You can take your pension pot as a number of lump sums
  • You can get a flexible retirement income
  • You can get a guaranteed income for life
  • You can choose more than one option and you can mix them

We know from our helpline that customers struggle with the different product names particularly in the drawdown options and have cases where the customer chose the wrong drawdown from the one they wanted because of the names; Flexi access drawdown and Uncrystallised Fund Pension Lump Sum.

Michelle Cracknell, Chief Executive recalled “I listened to one call where the customer had done his homework and repeatedly said that he had chosen the Uncrystallised Fund Pension Lump Sum route. Our guider was aware that the customer’s objectives and income position may not be met with this type of drawdown. After repeating the pros and cons of the different drawdown options, we established that the customer had transposed the names. Did he have any hope with the acronyms FAD and UFPLS to remembering which was which?!

The TPAS helpline does have a job to explain and translate jargon for customers as it needs to ensure that the customer can make his decision and is best equipped to communicate the decision to the provider or scheme.

If you've got a question about your pension and would like some help and guidance, please get in touch with the team on 0300 123 1047. We're available Monday to Friday, 9 to 5. No question is too big or small. 

We never contact our customers out of the blue

We're all ears

How do you feel about the help you just received?

We would really appreciate a few minutes of your time.
Your feedback helps us create a better experience for you.

×
Your details Hi there, start a chat with online support now
These sessions are recorded for training and quality monitoring purposes. You will also have the opportunity to download a transcript of the the conversation for your records upon connection

Please do not refresh your browser during this chat session. This will cause your session to end.
    Click here to download the chat transcript
    Live Chat
    Webchat is not working properly. Sorry for the inconvenience.