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Retirement income summit voting results

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Delegates at the ILC-UK Retirement Income Summit, supported by Aviva and Partnership, were asked to vote on a series of policy related questions. The results were as follows

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Retirement income summit voting results

  1. 1. QUIZ #retirementincome
  2. 2. Q. What proportion of the UK population are saving into private pension schemes? 40%1. One in ten2. One in five 28% 25%3. One in three4. Half 7%5. Seven in ten 0% 1 2 3 4 5
  3. 3. Q. The Government’s recent White Paper on pension scheme transfers and small pension pots estimatedthat there are in excess of how many pension pots in the UK pension system worth £2000 or less?1. 50,000 48%2. 100,0003. 350,000 25%4. 650,000 16% 9%5. 1 million 3% 1 2 3 4 5
  4. 4. Q. According to Aviva’s most recent Real Retirement Report (March 2012), the median income of 65-74 year olds is:1. £623 46%2. £923 36%3. £1,318 18% 1 2 3
  5. 5. Q. The RDR will result in an advice gap for people with small pension pots1. Yes 79%2. No3. Don’t know 13% 8% 1 2 3
  6. 6. Q. Government should set a pension savings target to reduce the likelihood of people ending up in retirement with small pension pots.1. Agree 54%2. Disagree 34%3. Don’t know 11% 1 2 3
  7. 7. Q. Do you think the existing constraints on NEST should be removed now?1. Agree 44% 37%2. Disagree3. Don’t know 20% 1 2 3
  8. 8. Post RDR financial advice may bebeyond the means of the averageperson. How can we fill the advice gap?
  9. 9. Q. Regulated advice should be taken by the majority of investors at the point of retirement?1. Agree 46% 47%2. Disagree3. Don’t know 7% 1 2 3
  10. 10. Q. The Government should consider some simple defaults for annuity purchase?1. Agree 65%2. Disagree3. Don’t know 29% 5% 1 2 3
  11. 11. Q. Consumer outcomes would be improved if simplified advice was made workable.1. Agree 84%2. Disagree3. Don’t know 6% 10% 1 2 3
  12. 12. Q. All pension accumulators should offermaturing pensions a shopping around service.1. Agree 68%2. Disagree3. Don’t know 22% 10% 1 2 3
  13. 13. Q. Advised and non-advised annuity services should be subject to the same cost transparency requirements.1. Agree 83%2. Disagree3. Don’t know 10% 7% 1 2 3
  14. 14. Q. Government and industry should develop detailedproposals to simplify the pensions transfer process.1. Agree 82%2. Disagree3. Don’t know 12% 6% 1 2 3
  15. 15. Q. A simplified advice route for average-sized[pension] pots would strike a better balance than we currently have.1. Agree 74%2. Disagree3. Don’t know 19% 7% 1 2 3
  16. 16. Q. Creating default options for annuities could enable the pensions market to take advantage oftechnology in the same way as the general insurance market. 49%1. Agree2. Disagree 27%3. Don’t know 24% 1 2 3
  17. 17. Good regulation protects the consumerbut it must not inadvertently damage the potential of products and services toincrease pensioner income? How can weensure that the length and complexity of communications required by legislation does not damage communications?
  18. 18. Q. Strict regulation is suffocating innovation in the industry and resulting in consumer detriment. 42% 43%1. Agree2. Disagree3. Don’t know 15% 1 2 3
  19. 19. Q. All policyholders approaching retirement or asking totake their pension are given a 1 page letter that says:Dear [Policyholder]You have £ [40000] that you need to decide how to take as an income inretirement.The difference between a good and bad decision could be worth around£[8000 i.e. 20% of the fund] to you over your retirement. It could be moreor less depending on your personal circumstances.The details you need to make a decision are included with this letter.[Attach standard pack of information] cont …
  20. 20. If you are in any doubt about what to do then the Government believesyou should take advice.Advisers who specialise in helping people at retirement can be foundat: www.expertretirementhelp.co.uk or by calling free 0800 XXX XXX. Allthe advisers there are regulated and have been assessed as meeting aminimum standard.Please take the time to make the right decision for you.Yours sincerelyYour Pension Company #retirementincome
  21. 21. Q. All policyholders approaching retirement orasking to take their pension are given a 1 page letter that says: 64%1. Agree2. Disagree3. Don’t know 31% 5% 1 2 3
  22. 22. Q. The industry should agree a standard dischargeform to release funds from the ceding provider to the receiving provider and this is integrated into the annuity application form. 74%1. Agree2. Disagree3. Don’t know 17% 10% 1 2 3
  23. 23. Q. The literature provided by financial companies is compromised by regulatory requirements. 55%1. Agree 35%2. Disagree3. Don’t know 9% 1 2 3
  24. 24. Q. The birth of the Financial Conduct Authority is good for consumers. 56%1. Agree2. Disagree 27%3. Don’t know 17% 1 2 3
  25. 25. Q. Less favourable rates for pooled annuities are a price worth paying for a more efficient market inwhich underwriting puts the focus on the individual. 40% 36%1. Agree 24%2. Disagree3. Don’t know 1 2 3
  26. 26. Q. Just as over-regulating creates costs for consumers, gold-plating the advice provided to customers whose needs are not complex is not in the public interest. 81%1. Agree2. Disagree3. Don’t know 14% 5% 1 2 3
  27. 27. Q. Non-advised solutions combined with increased public financial education, transparentcommunications and appropriate ‘nudge’ techniques can help people getting better value from their pension savings. 85%1. Agree2. Disagree3. Don’t know 9% 5% 1 2 3
  28. 28. Q. Annuity providers should include medical questionnaires in all maturity packs to increase demand for automatic underwriting in annuities. 56%1. Agree2. Disagree 26%3. Don’t know 19% 1 2 3
  29. 29. People with average sized pension pots are entitled to reasonable outcomes. How can we improve the pension’s annuity process for the consumer and industry?
  30. 30. Q. Occupational schemes should follow the sameprinciples as outlined in the ABI’s Code of Conduct on Retirement Choices, either through a code of conduct or through TPR rules. 77%1. Agree2. Disagree3. Don’t know 14% 9% 1 2 3
  31. 31. Q. Occupational schemes should follow the sameprinciples as outlined in the ABI’s Code of Conduct on Retirement Choices, either through a code of conduct or through TPR rules. 88%1. Agree2. Disagree3. Don’t know 5% 7% 1 2 3
  32. 32. Q. Is the ‘pot follows member’ option for accumulating small pensions pots is workable in practice? 36% 34%1. Agree 30%2. Disagree3. Don’t know 1 2 3
  33. 33. Q. Should benchmark annuity rates for non-open market annuity providers should be published? 80%1. Agree2. Disagree3. Don’t know 14% 7% 1 2 3
  34. 34. Q. All annuities should be individually underwritten, taking account of health and lifestyle factors. 47% 44%1. Agree2. Disagree3. Don’t know 9% 1 2 3
  35. 35. Q. Automatic pensions transfers should work on theprinciple that the pension pot follows the customer from job to job. 51%1. Agree 37%2. Disagree3. Don’t know 12% 1 2 3
  36. 36. Q. Automatic pensions transfers should only apply to automatic enrolment pots, to ensure similar quality standards. 46%1. Agree 38%2. Disagree3. Don’t know 16% 1 2 3
  37. 37. Q. Automatic pensions transfers should transfer pots into a central clearing house. 44%1. Agree 31%2. Disagree 25%3. Don’t know 1 2 3
  38. 38. Q. Industry should improve the flow of information from the current pension scheme to the member and their adviser and to release the monies to the new provider more easily and quickly. Q. Automatic pensions transfers should transfer pots into a central clearing house. 95%1. Agree2. Disagree3. Don’t know 3% 2% 1 2 3
  39. 39. Q. The RDR will result in an advice gap for people with small pension pots 69%1. Agree2. Disagree 16% 15%3. Don’t know 1 2 3

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