Intelligent Pensions fringe meeting presentation at the NAPF conference looked at decumulation across the world and included the launch of 'Pathways' - a retirement decumulation service for DC schemes.
Joe, who attended the session, identified the global trend of more effective communications (particularly through TV adverts as shown during the session) and believes the same will happen in the UK to promote new services relevant to the April 2015 pension reforms.
'The investment industry is poised for a marketing battle as asset management companies, insurers and pension providers look to protect market share ahead of the implementation of the government’s radical annuities reforms.
The Chancellor of the Exchequer announced in his March Budget that individuals over the age of 55 would be free to choose how to use their pensions savings from next April.
Pension providers told delegates at the National Association of Pensions Funds Conference in Liverpool that the industry’s marketing teams were briefing external agencies to appeal to these potential customers.'
Pennie said "The guidance guarantee is a good initiative but will be too late for many. For the large number who are looking forward to the flexible income options, they will need quality support approximately 5 years from retirement to identify the most appropriate investment strategy."
Pennie added "We have launched Pathways in the understanding that everyone's retirement will be different and this is not something a 'one size fits all' initiative will deliver the best results."