17th October 2017

Later Life Education

Following the introduction of pensions freedom and choice the need and demand for guidance and advice has exploded. The flexibility of drawdown is no longer restricted to the wealthy but available to all so they can manage their lives in accordance to needs and objectives. 

However, this is a highly complex area and many do not appreciate or understand the risks and benefits of the wider choices available. The point of retirement is simply too late particularly for those who perhaps do not recognise the value advice or simply cannot afford it.

Figures from the ABI show how retirees turned their back on annuities and the guarantees they bring, with annuity sales currently sitting at around 20,000 a quarter, a very similar number to drawdown contracts. This shows people do in fact still want security but are keen to combine this with flexibility and have a blended approach to retirement income. 

This is very complicated for many and undoubtedly part of the solution is an education programme provided at a much earlier stage, giving people the chance to plan more effectively for their future. Employees of large FTSE 100 companies often benefit from workshops provided by their employer but for the majority there is very little available.

Research suggests that individuals are wanting financial education and are willing to pay a small fee to be guided impartially through the options and choices they face. Furthermore, they are concerned about later life and want more information about the key issues of Health, Addressing boredom and naturally their money.

Recent research by Capita indicates 60+% of employees want this, with most prepared to pay for good quality independent information that is not just trying to sell product. They often feel this is the case from pension providers who use language they don’t understand and clearly aimed at product sales.

We believe there is a demand for a programme of workshops run independently covering all these issues and supported by online tools and content. These could be aimed at some of your clients as a value added benefit, small businesses and introducers. Our belief is this will almost certainly generate future advise enquiries as people recognise the importance of making the right decisions. 

However, your views as professionals in this area would be of enormous value to us. Please consider completing our short survey to indicate your views on this, what’s needed and whether there are indeed individuals within your client bank that could benefit from such a programme.

Click here to complete the survey.  

If you would like more information or have specific comment please email rob@bearfaceltd.co.uk

Retirement, Partner Surveys, Business Development