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
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