View more on these topics

Pension trees bore public

FSA consumer research has revealed the full extent of the stakeholder decision treefiasco, with most consumers so bored by pensions they fail to complete the trees.

The research shows more than 18,000 people were initially contacted for the phone-based research last spring but only 2,043 agreed to take part when they learnt it was about pensions.

A mere 743 – 36 per cent – completed the exercise and subsequent interview.

The researchers admit the figures show the general inertia about pensions among consumers and demonstrate the need for “considerable publicity” to support the launch of stakeholder pensions, leaving the Government with an uphill struggle to promote them.

Of the interviewees who did complete the research in March and April this year, 79 per cent achieved a “reasonable outcome” with the trees, according to the FSA. The remaining fifth did not complete out of apathy.

Aifa director general Paul Smee says: “This shows the problem of engaging people in pensions. Decision trees are boring. It brought home tome that the Government have to get employers involved ifit is to work.”

Informed Choice IFA Nick Bamford says: “It is now down to the Government and regulator to stimulate interest.”

FSA spokeswoman Jackie Blyth says: “We went for a large number of people because we know there will be a high drop-off rate, especially with a dull subject such as pensions.”

Recommended

Tories step up bid to scrap share stamp duty

The Conservatives have launched a two-pronged attack on the Government over its useof stamp duty.The Tories claim stamp duty on share dealings must be abolished or business will flee Britain for more tax-friendly climates. Speaking before the Treasury select committee last week, Tory shadow chief secretary David Heathcoat-Amory called on the Government to abolish the […]

Two key appointments for new ScotEq benefits arm

Scottish Equitable has made two key appointments to its new employee benefits arm.Laura Shanks will join Scottish Equitable Employee Benefits as product development manager, having previously been product marketing manager (protection) at Scottish Provident.She will be responsible for developing the new division&#39s product range ahead of its launch in the third quarter of the year.Andrea […]

Tied agents are seeing the light

Increasing numbers of tied agents appear to be keen to reinvent themselves as IFAs and the networks are scrambling to snap up the converts.But what does it take to make an IFA out of a tied salesman? And why are so many making the move?Statistics certainly bear out the mass exodus from tied salesforces and […]

EMX steps up moves to attract more IFAs

EMX is moving up a gear in its drive to get more independent advisers to sign up to its service with the recruitment of two sales and marketing advisers.The two new recruits will focus specifically on promoting the service to IFAs.They will visit advisers and deal with any problems they experience.The move follows the news […]

Reforming India: just the beginning

By Kunal Desai, Neptune India Fund

As global investors continue to scour emerging markets through the lens of reform potential, India shines bright. Indeed, we think it can sparkle even brighter. We anticipate India’s self-imposed 10-year ‘policy holiday’ to turn into one of the most pro-growth and pro-investment policy calendars seen in Asia in years. The Indian electorate has engineered a historic verdict. We now have the strongest Indian government since 1984, with the pro-market Bharatiya Janata Party (BJP) achieving an absolute majority for the first time in the party’s history.

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