View more on these topics

Aviva and TPAS trials show benefits of ‘mid-life MOT’

A “mid-life MOT” can help people plan for retirement better if they are targeted in the correct way, new research shows.

The report from the Centre for Ageing Better is a response to the recommendation to introduce a mid-life MOT in John Cridland’s independent review of the state pension age.

Following the review Aviva, Legal and General, The Pensions Advisory Service and Mercer tested how the concept could be developed in practice through four case studies.

In one example, 100 Aviva employers with different roles and all aged between 45-60 were invited to take part and 94 participated in seminars delivered in Norwich.

Ninety four out of 100 invitees took part in the study with signs there is demand for more support.

Aviva is now planning how the 100-person pilot can be scaled to benefit its 5,000 employees in the 45-to-60 age cohort.

In another study, TPAS focused on providing a one-to-one consultation to 20 self-employed people to help them prepare for retirement.

Most people stated they will take action as a result of their consultation with TPAS while nearly all participants stated they were going to save into a pension and were going to check their state pension.

The findings from these studies give a range of lessons for anyone providing a mid-life MOT to consider.

They show it is important to know the target audience, realise age is not a fixed concept and understand there is no one-size-fits-all for delivery.

Similarly, content must be focused and to maintain interest in the mid-life MOT participants need to be signposted to places where they can review their progress like Pension Wise.

Centre for Ageing Better chief executive Anna Dixon says: “Many are juggling work and caring responsibilities with little time to look after their own health and wellbeing.

She says: “These time and resource pressures make it hard to plan ahead and take action. People in mid-life could benefit from better access to information and advice to plan and prepare for their later lives.”

Recommended

Guidance to play key role in self-employed pensions crisis

A report has called for more government involvement in resolving the “self-employed pensions crisis” as new figures show just 31 per cent of the self-employed are paying into a pension. The study from The Association of Independent Professionals and the Self-Employed puts forward six solutions to improve savings rates across the group. Several of the […]

Ros Altmann
4

Ros Altmann: Time to shake up wake-up packs

The industry is sending out the wrong message on pensions Pension saving has responded well to behavioural nudges from auto-enrolment. Now we should build on this success. Millions more people are putting money aside for their retirement, which could offer exciting opportunities for advisers and pension providers. But capitalising on this situation requires new thinking. […]

3

FCA eyes 40 firms in adviser recruitment and training probe

The FCA is analysing information from 40 firms about their adviser recruitment processes and what quality checks are in place on the advice they give. Earlier this year, Money Marketing revealed that the FCA sent letters to a sample of firms asking about training, competence and hiring records for staff. A Freedom of Information Act request […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com