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Why Pensions might
just change your life
February 2019
Here to help not to sell
Here’s Jill
She has £35,000 in pensions across 5
providers
She’s overwhelmed
Jill is 55
She wants someone to tell her how her
pensions have performed and how to get
her money back
.
Jill’s in
Auto-enrolment
has forced payroll and pension providers to
engage with technology
73%
of workers contributed to a workplace
pension in 2017
FCA
are actively pushing for transparency from
providers and value for money
80,000
people used the governments pension tracing service in
October 2018
Pension Freedoms
people want to spend their money but in many
instances that requires combining pension pots
Jill has high expectations of her employer
Independent experts
Information that is clear and simple
Clarity on how she can spend her
money
What Jill wants
• Jill wants answers
• Why are pensions so complicated?
• Why should she still pay into a pension?
• She wants top tips on
• State pensions
• paying into a private pension
• keeping track of her pensions
• getting value for money
• getting help
Why are pensions so complicated?
They may be complex but we can give Jill some
simple tips on what she needs to know
• Major public policy issue with people
living longer
• Very long term savings plan
so “fashions” change
• Big cost to the Treasury so rules keep
changing
Why pay into a pension?
Pension savings can be Jill’s “free lunch”
At some point, Jill may wish to have the choice to stop
working or changing the way she works.
Pensions are the most efficient ways to save for most
people and pension pots are much better value than
in the past.
Pension savings can provide benefits on retirement
and death.
Top Tip #1
https://www.yourpension.gov.uk
State pension
• How it works
• What Jill can expect
• What age will she get it
• How she checks her State pension
• Making sure that all NICs are included
• when working and
• when not working
Top tip #2
It only costs £80/£60 (or less) to save £100
Paying into a pension
• Workplace and private pensions
• How much and how often
• Tax relief
• How much
• How to get it
Top tip #3
£20bn in lost pensions – it could be you
Keeping track of her pensions
• What to do when she joins an employer
• What to do when you leave an employer
• Finding old pensions
• Keeping records
• Death benefit nomination forms
Top tip #4
Make your money work as hard as you
Getting value for money
• How much a pension costs
• Which pensions offer the best value for money
• How can you get better value for money
• Old legacy products
• Exit charges cap at age 55
Top tip #5
www.pensionsadvisoryservice.org.uk
Getting help
• The Pensions Advisory Service
• gov.uk
• Company websites
• Regulated financial advice
• Friends & family – NOT!
• Avoiding scams
Jill and her colleagues have
issues
50m
abandoned pots by 2050
94%
can’t afford
(or won’t) take financial
advice
6
pension pots on
average when they
reach 55
£20bn
in lost pension benefits
Jill and her colleagues are powerful
£800bn
in workplace pensions
£400bn
in non workplace pensions
Pensions are complicated and scary. Normal people do not engage in their pension decisions. This means less money and a lower
quality of life when they retire.
500,000people per year reach 55
= 1,000 people
A digital view of
what she has on
her phone
Jill needs
a dashboard
Answers that are close at hand
How many Jills do you work
with?
= 100 Jill’s
Henry Tapper
February 2019

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Why pensions might just change your life

  • 1. Why Pensions might just change your life February 2019
  • 2. Here to help not to sell
  • 3. Here’s Jill She has £35,000 in pensions across 5 providers She’s overwhelmed Jill is 55 She wants someone to tell her how her pensions have performed and how to get her money back .
  • 4. Jill’s in Auto-enrolment has forced payroll and pension providers to engage with technology 73% of workers contributed to a workplace pension in 2017 FCA are actively pushing for transparency from providers and value for money 80,000 people used the governments pension tracing service in October 2018 Pension Freedoms people want to spend their money but in many instances that requires combining pension pots
  • 5. Jill has high expectations of her employer Independent experts Information that is clear and simple Clarity on how she can spend her money
  • 6. What Jill wants • Jill wants answers • Why are pensions so complicated? • Why should she still pay into a pension? • She wants top tips on • State pensions • paying into a private pension • keeping track of her pensions • getting value for money • getting help
  • 7. Why are pensions so complicated? They may be complex but we can give Jill some simple tips on what she needs to know • Major public policy issue with people living longer • Very long term savings plan so “fashions” change • Big cost to the Treasury so rules keep changing
  • 8. Why pay into a pension? Pension savings can be Jill’s “free lunch” At some point, Jill may wish to have the choice to stop working or changing the way she works. Pensions are the most efficient ways to save for most people and pension pots are much better value than in the past. Pension savings can provide benefits on retirement and death.
  • 9. Top Tip #1 https://www.yourpension.gov.uk State pension • How it works • What Jill can expect • What age will she get it • How she checks her State pension • Making sure that all NICs are included • when working and • when not working
  • 10. Top tip #2 It only costs £80/£60 (or less) to save £100 Paying into a pension • Workplace and private pensions • How much and how often • Tax relief • How much • How to get it
  • 11. Top tip #3 £20bn in lost pensions – it could be you Keeping track of her pensions • What to do when she joins an employer • What to do when you leave an employer • Finding old pensions • Keeping records • Death benefit nomination forms
  • 12. Top tip #4 Make your money work as hard as you Getting value for money • How much a pension costs • Which pensions offer the best value for money • How can you get better value for money • Old legacy products • Exit charges cap at age 55
  • 13. Top tip #5 www.pensionsadvisoryservice.org.uk Getting help • The Pensions Advisory Service • gov.uk • Company websites • Regulated financial advice • Friends & family – NOT! • Avoiding scams
  • 14. Jill and her colleagues have issues 50m abandoned pots by 2050 94% can’t afford (or won’t) take financial advice 6 pension pots on average when they reach 55 £20bn in lost pension benefits
  • 15. Jill and her colleagues are powerful £800bn in workplace pensions £400bn in non workplace pensions Pensions are complicated and scary. Normal people do not engage in their pension decisions. This means less money and a lower quality of life when they retire. 500,000people per year reach 55 = 1,000 people
  • 16. A digital view of what she has on her phone Jill needs a dashboard
  • 17. Answers that are close at hand
  • 18. How many Jills do you work with? = 100 Jill’s