Realising the Pension Revolution report launched
According to analysis by Teamspirit, the specialist communications agency, of enquires made to The Pensions Advisory Service there has been a 71% increase in people seeking guidance since the introduction of pension freedoms a year ago.
In the last year, The Pensions Advisory Service dealt with more than 180,000 enquiries as consumers look to find out more about their pension. Analysis of the data found the most likely trigger prompting people to make an enquiry was reaching the point of retirement or beginning to receive pension payments. The next most important prompt was when people began to save for retirement, with 17% of enquiries from those at the point of enrolling into schemes or beginning contributions. This analysis also looked at The Pensions Advisory Service's latest 'Women and Pensions Survey', which recieved over 1500 reponses. The survey identified three barriers that have the most impact on behaviour: confidence, confusion and trust. Over two in five (43%) of respondents to the survey admitted they didn’t feel confident in making decisions around saving for their retirement. This was most pronounced amongst those first starting out in their career (18 – 30) and those at retirement.
The research was launched at the ‘Realising the Pension Revolution’ event, hosted by Teamspirit and The Pensions Advisory Service at Portcullis House, Westminster this week following the anniversary of the introduction of pension freedoms. Speakers included: Pensions Minister, Baroness Ros Altmann; Richard Graham MP and Chair of the APPG on Pensions; Michelle Cracknell, CEO of The Pensions Advisory Service; David McCann, Head of Planning at Teamspirit Group; Sarah Pennells, personal finance journalist and consumer expert; and Caroline Rookes CBE, CEO of Money Advice Service.
Michelle Cracknell, CEO of The Pensions Advisory Service, said: “Teamspirit’s analysis of our enquiry data helps us better understand the people taking action to find out more about their pension provision. The majority of consumers still find pensions complicated and find it difficult to take the action needed to make adequate later life provision. The introduction of pension freedoms has triggered a step change in awareness and engagement but there is still a way to go before people are confident on what is needed to secure their retirement.”
To find out more, you can read the full report here.