63% believe pre-retirement information needs improvement

Almost two-thirds (63%) of respondents believe that pre-retirement information needs improvement and should be an urgent priority for the next six months, according to research by Equiniti.


Its research, which surveyed 40 annuity providers and pensions experts, found that a further 26% believe it needs to be improved within a year.

Nearly half (43%) of respondents believe it is an urgent priority to provide retirees with six months’ notice of their retirement options, while 36% believe this should be done within a year and 13% believe no action is required.

More than a quarter (28%) of respondents believe free access to retirement advice is a priority and should be implemented within the next six months, while 23% believe it should be implemented within a year and 23% believe that free access to retirement advice does not need to be addressed. 

However, more than two-thirds (69%) of respondents believe there are not enough advisers capable of accurately providing the government’s plans for the provision of face-to-face guidance.

Just 12% felt that there sufficient resource is available, while 76% believe that telephone advice would be more appropriate for many people. 

The research also found that 30% of respondents believe that the face-to-face guidance should be funded by providers or trustees, while 13% believe the government should pay £50 per retiree and 21% believe this figure needs to be between £50 and £150.

More than a third (37%) of respondents believe that the government will need to contribute more than £150 per person. 

Suzie Rudzitis (pictured), managing director, pension services division at Equiniti, said: “Equiniti provides both pensions administration and annuity administration services and hence is involved in the full lifecycle of retirement.

“The survey of experts reinforces that employee value starts a long time before an individual reaches their retirement age.”