A report summarising a comprehensive research study to gauge
consumer views towards the Government's guaranteed guidance (GG)
proposals for retirement.
- To contribute evidence-based thought leadership to the public
debate on the development and implementation of the Government's
guaranteed guidance proposals, the Chartered Insurance Institute
commissioned primary research into consumer views towards this
- The research was with over 1,000 consumers who are the target
users of the service. We defined this as within 5 years of
retirement who had defined contribution (DC) pension pots and other
assets each of less than £100,000 and did not have a financial
adviser. The fieldwork was conducted at the end of July and
beginning of August 2014.
- The research suggests strongly that these consumers would make
use of the service (92% saying they would probably or definitely
use it) provided that they are satisfied that those delivering it
are impartial and qualified.
- Some scepticism was expressed by consumers that sufficient
resources would be available to recruit and train sufficient
knowledgeable staff to deliver GG before April 2015.
- Consumers want personalised communication of the offer from
DWP, 6 months to two years prior to their intended retirement but
would also value reinforcing messages from other parties connected
with their pension - including, but not just limited to, their
- Most consumers envisage that GG will be of value as a generic
advice service - sitting outside the boundary of regulated advice -
provided it is sufficiently personalised to edit their choices,
navigate the information relevant to them and build their
confidence to make good decisions.
- Face-to-face is the overall preference for the delivery of GG -
57% placing this first with only 6% placing telephone first. But a
third (34%) place a self-completion questionnaire on-line
- Consumers expect to use a number of sources of information to
help them decide how to use their DC pension pot - on average four.
But when asked to choose their most likely follow-up action, a
third say 'make their own decision through shopping around' and a
quarter say they would seek professional financial advice.
the Main Report »
View the Technical Appendix (71 slides: detailed findings
demographic data, and showcards) »
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