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Just Retirement wants wake-up packs axed

Just Retirement has called for the retirement wake-up pack to be abolished.

The firm says it should be replaced by a clearer set of communications starting five years before retirement instead of three months. It has also called for an independent body to police providers’ communications, forcing business through the open market option in cases where it finds that communications are not up to scratch.

Independent research commissioned by the firm found consumers criticised wake-up packs for containing too much information, jargon and threatening legal disclaimers. Consumers also felt that there was not enough time to consider their decision.

Director of sales and marketing David Cooper says: “It is clear that the process is not fit for purpose. Regardless of the clarity of any communication, expecting customers to make very important decisions that close to their retirement with no previous guidance is unacceptable. We are exceptionally disappointed at the pace and nature of the industry’s progress on this matter.”

Worldwide Financial Planning IFA Nick McBreen says: “Urging people to engage earlier is absolutely right. Most retirement packs are verging on the incomprehensible so some due attention would be very useful to make these more user-friendly.”


Light relief

The Budget introduced some significant changes to the tax relief available on pension contributions. When you consider the current levels of Government borrowing, estimated to be £528bn over the next five years, it could be argued that the Government needs to take more drastic action and further reduce higher-rate tax relief available on pension contributions. Higher-rate taxpayers should consider urgently their pension contributions and the opportunities available.


Providers fight factoring ban

Providers will continue to lobby the FSA over its ban on factoring, arguing that the regulator has failed to make a case for removal.

Introducing Trevor Greetham

Ryan Medlock, Investment Proposition Manager, Royal London Royal London Asset Management’s (RLAM) new head of multi-asset is officially up and running. I want to look at what expertise Trevor brings to the table and how this affects the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs). Trevor Greetham joined RLAM in April 2015 from […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. Pripr Preparation and Planning Prevent Particularly Poor Performance
    We already try and help clients plan 3 or 4 years before drawing pension benefits as adjusting their spending habits before retirement to reflect reduced income levels is more sensible than getting to a year or so beforehand and then finding out you need to go back to work! What is galling is when we have asked for up to date figures from companies (I’ll use an example of Royal Sun Alliance, now Phoenix) in say November when a client’s expected retirement date is the following June and they arrive about a week before his retirement date. We’ve had to plan ahead on all his other pension benefits and make decisions that then require adjustment due to THEIR tardeiness and not mine or the clients. The sooner the FSA swithses it’s TCF initiative to focus on provider failures and not IFAs where most of our time is lost because of provider incompetence, which the FSA appear unable or unwilling to Police, the better……………….. Complaint letters to provider’s either from the clients or us on these sort of issues are more costly to us and the client than just putting it down to experience and pointing this out to the FSA is just as pointless. The best action is vote with your feet and if the provider’s complaint procedures are this bad, DON’T advise clients to use them for anything new if they can’t sort out the old.

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