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Cash-cut DWP asks firms to help out with communication strategy

The cash-strapped Department for Work and Pensions has turned to the industry to help deliver its communications campaign ahead of the 2012 automatic enrolment reforms.

The DWP’s marketing spend was frozen as part of a tough comprehensive spending review settlement. As a result, officials have met with product providers and the Association of British Insurers to discuss alternative communication strategies at a lower cost to the Government. Past Government advertising campaigns, such as stakeholder, have included TV and radio campaigns.

Standard Life senior pensions policy manager Andrew Tully (pictured) says: “Given the current financial climate, the Government is interested in companies helping them in all sorts of ways. Employers have a lot of different avenues to get information but it is more difficult for individuals. How to do a big advertising campaign for individuals on the street is perhaps less obvious.”

Negotiations are ongoing with the ABI, The Pensions Regulator and other industry bodies on producing a set of auto-enrolment guidelines.

A DWP spokeswoman says it will work with partners in the public and private sector to raise awareness among their customers and members as well as looking to place stories in the media and providing information through the direct.gov.uk website.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Dennis Burling ACII APFS, Chartered Financial Plan 2nd December 2010 at 10:33 am

    Oh dear the government have finally realised that this costs money !!!

    Now is the opportunity for insurers who need profits to say no to NEST and refuse to put themselves into bankruptcy going forward. They had the opportunity with Stakeholder and took up the poison challice, this time say no and give the industry a chance to survive !!

    If the government intends to drive this through despite the aversion by the industry let iot pay for its own costs!

  2. As a provider, I’d tell the DWP, which will probably want to tap into the benefits of the industry’s expertise for tuppence ha’penny, to go find somebody else. And is it not just a bit rich asking for help formulating a set of auto-enrolment guidelines for a scheme in which the industry itself will have no stake? I suppose it might be worthwhile if, as I suspect, NEST turns out to be nothing more than a default option for employers who fail to take advice on potentially better alternatives. But providers would be wise to be very clear on what’s likely to be in it for them before they agree to engage with the DWP on this. Let us not forget stakeholder pensions and the damage they did to a lot of companies’ balance sheets.

  3. Anonymous @ 2 Dec 2010 10:33 am.

    Don fret, you can be sure as eggs are eggs some twerp/s at the top of the industry will be buttered up at their clubs and will sell their shareholders (and the rest of the industry) down the river in the name of self-aggrandisement and a gong.

    ‘t was ever thus.

  4. How stupid is this industry?

    How about this for an idea, I will approach all car manufacturers and ask them to build me a really cheap car for all the people who cannot afford their own transport. Once rejected I will approach an Indian manufacturer who will say yes for a small profit. As I have run out of money I will go back to all the original manufacturers and direct to public showrooms and ask them to promote my car over their more expensive models.

    Time for a complete re think on this idea, through NI contributions provide a decent state pension and do not penalise those individuals who want to save for their retirement.

  5. For the majority of us, if we can’t afford it we don’t do it. I thought this was a lesson our Government were learning. Apparently not!

  6. Come on guys ‘its all for the good of the country’ and when all these people with small piddly pots of money come to us for advice, just think how much we will make – I think not!

    Tell the government to get stuffed what have they ever done for our industry – nothing but regulate us to death!

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