Pensionforce: filling the information gap

Evidence of how well pensions information in the workplace is received has been demonstrated by the NAPF’s Pensionforce service which has now helped over 1,000 people make informed choices about saving for retirement.

The Government has said it wants to ensure that everyone can get quick, easy and simple access to good quality financial support to help them make informed decisions about planning for retirement. Yet for many, there is an “information gap” – they do not know where to turn for help or that help is unaffordable. In a new report out today Pensionforce: acknowledging the message shows how Pensionforce is filling the information gap and demonstrates that the workplace is the ideal place for delivering the message.

Pensionforce is an independent service provided free to employers. Its purpose is to help people understand the importance of planning for old age. Designed to give practical support to employers, Pensionforce helps employees understand the importance of planning for their retirement and provides them with information about saving for their future. It is supported by the DWP’s Pensions Education Fund.

Delivered via a network of volunteer pension guides, Pensionsforce provides information using interactive methods that:

Raise awareness of the need to save;
Increase appreciation of the need to plan for retirement;
Ensure that people are better able to make informed choices; and
Show people where to go for further information.

NAPF Chief Executive Joanne Segars said: “The provision of financial advice is expensive and as a consequence by-passes many lower paid individuals and SME’s. And by their own admission, consumers simply don’t understand pensions and don’t know where to turn for help and information. With the worry of regulatory consequences employers are understandably reluctant to fill the gap by providing advice themselves.

“But we believe that good quality and cost effective support can be provided through the workplace, free at the point of delivery. The Government must continue to provide support for services like Pensionsforce.”

Pensionsforce: acknowledging the message reports on experience to date, which shows the importance of engaging individuals and their employer. It notes that different approaches will be needed for the “am I bovvered’s” who do not want to think about saving for old age to the ‘defeatists’ who think it is they’ve left it too late. The report also shows the importance of sticking to a high level message and talking to people in language they understand.

Pensionsforce went live at the end of September 2006 and since then NAPF has held 71 meetings and spoken to over 1,000 individuals through interactive ‘entry-level’, group presentations. The service has been well received by employers and their employees, and already some employers have reported an increase in scheme take up and awareness.

For further information and to book a Pensionsforce presentation for your workforce go to napf.co.uk/pensionforce.