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.

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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.”