Reading the signs all wrongRSS icon

Written by Rory Gravatt on 14 August 2018

As seen in Pensions Expert on 14/08/2018

The Work and Pensions Committee is missing the point when it asks whether people understand the cost and value for money of their pension products – a recent FCA paper revealed that one third of those who opted for pensions freedoms don’t even understand where or how their money is invested. This is due in large part to the sheer volume of documentation consumers receive related to their pension, which can easily mount up to 50 pages of hard text. When it comes to this, less is more. Services like Nutmeg and PensionsBee are noteworthy due to the simplicity and ease of their customer interface. Businesses should make better use of video and online experiences to connect with savers and provide them with all the information they need. That’s not to say that the FCA should stop looking into whether people understand the cost and value for money of their pensions – rather, if the industry needs an action, let’s focus on keeping it simple for investors.


Enjoy this article?

Why not share it...

Company News

  • The winds of change
    Written by Jon Dean on 18 October 2018

    The traditionally slow-moving pensions industry is evolving at a rapid pace.

  • 'Putting' Charity First
    Written by Altus on 3 October 2018

    Altus Consulting, a Bath financial services company has raised nearly £6,000 for the Children’s ward at the Royal United Hospitals Bath.